China bets big on artificial intelligence

CSG Smart Science & Technology Co. climbed as much as 9.3% Bloomberg  July 23, 2017 Last Updated at 00:17 IST China aims to make the artificial intelligence industry a “new, important” driver of economic expansion by 2020, according to a development plan issued by the State Council. Policy makers want to be global leaders, with the AI industry generating more than 400 billion yuan ($59 billion) of output per year by 2025, according to an announcement from the cabinet late Thursday. Key development areas include AI software and hardware, intelligent robotics and vehicles, virtual reality and augmented reality, it said. “Artificial intelligence has become the new focus of international competition,” the report said. “We must take the initiative to firmly grasp the next stage of AI development to create a new competitive advantage, open the development of new industries and improve the protection of national security.” The plan highlights China’s ambition to become a world power backed by its technology business giants, research centres and military, which are investing heavily in AI. Globally, the technology will contribute as much as $15.7 trillion to output by 2030, according to a PwC report last month. That’s more than the current combined output…

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