Friday, 21 July 2017

Banking Technology/Antony Peyton: China dreams of AI domination

Banking Technology  

AI global star by 2030...

China dreams of AI domination

21 July, 2017 Written by Antony Peyton

The Chinese government has set out its bold vision to become a global leader in artificial intelligence (AI) by 2030.
In a Cabinet statement, the government sees AI as integral to making China an “economic power” and is calling for the development of skills, research and educational resources to achieve “major breakthroughs” by 2025 and make the nation top dog five years after that

“By 2030, our country will reach a world leading level in AI theory, technology and application and become a principal world centre for AI innovation,” the statement says.

That said, the statement didn’t offer any details on legal changes or financial commitments. However, previous tech initiatives in China have included research grants and regulations to foster sales and exports. So we will have to wait and see.

China’s AI ambition extends well beyond fintech of course, such as self-driving cars, but the areas of robotics, consumer finance and e-commerce are all part of its grand plan.

Chinese companies who have been making great strides in AI (and spending heavily) include Alibaba, Baidu and Tencent.

Earlier this month, Nvidia partnered with Baidu. Ian Buck, GM of Nvidia’s Accelerated Computing business unit, said at the time: “Our collaboration aligns our exceptional technical resources to create AI computing platforms for all developers – from academic research, start-ups creating breakthrough AI applications, and autonomous vehicles.”

With the mighty words and backing from the Chinese government, it will be intriguing to see what other AI developments come out of China in the future.
Antony Peyton
Antony Peyton
Follow Antony Peyton at @TonyBankingTech
Tags; Alibaba, Baidu, FinTech, Tencent, Artificial intelligence, China, Financial Services, Innovation, News

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