The 5th Financial China V Forum, hosted by the new financial media of China News Service -Economic News, was held in Beijing on March 28th. According to Prof. Gang Liu, chief economist with Chinese Institute of New Generation Artificial Intelligence Development Strategies and Director with Nankai Institute of Economics, China is currently at the forefront of artificial intelligence, thanks to its unique environment that has guided the development of AI industry. Artificial intelligence technology will bring employment increase and more specified labor division.
Gang Liu, chief economist with Chinese Institute of New Generation Artificial Intelligence Development Strategies and Dean of the Nankai University Binhai Research and Development Institute
Smart economy is coming
Gang Liu said that there are three types of current economic situation: agricultural economy driven by manpower; industrial economy driven by steam, electricity, and petrochemical energy; and smart economy driven by data and computing power.
Referring to the influence of smart economy on China, Gang Liu gave an example: a small village in Heze, Shandong Province, has been doing business on Taobao.com since 2007. At present, the village has created a production value of approximately 300 million yuan. With a population of more than 2000 people, adding that 60 percent serve as migrant workers in other places, all of them have returned to their hometown and started their own business. Many garments of “Avenue of Stars” (a large variety show by CCTV-3) come from the village.
Gang Liu added that in order to promote the development of rural Taobao.com, 13,000 employees of Alibaba Group were engaged in service, 1.1 million customer service for online stores and 1.7 million express delivery. AI technology can increase employment and make division of labor more specified. At the same time, payment system has been established, including online banking, Yuebao, Ant Financial and Alipay and logistics system.
Gang Liu believes that we have entered an era of smart economy, driven by data and computing. This era is different from the previous two in two aspects: data is not derived from the nature, but it is created by social activities; The more we use data, the larger data we can find. The wealth of data seems to be inexhaustible, and there is a clear increasing effect in returns. With the development of smart economy, China's economy will enter a new stage, where data and computing become key production factors.
AI industry is in the stage of rapid expansion
According to Gang Liu, the main technology used by Chinese AI enterprises is machine learning. He said that the concept of AI 2.0 and the concept of new generation artificial intelligence were proposed by Chinese academician named Yunhe Pan, which also confirmed his view that machine learning has become the main driving force of AI.
Gang Liu pointed out that China's smart economy shows a strong tendency of “polarization” and “spreading”, which has formed clusters in such districts and cities as Haidian District of Beijing, Nanshan District of Shenzhen, and Yuhang District of Hangzhou. The important mechanism of expansion is "platform + service + entrepreneurship". Gang Liu believes that AI companies, especially platform-based AI companies, will play a very important role in China's economic transformation.
He gave an example of Tencent cloud, claiming that it is the most empowered is the most empowered technology in Shenzhen. It is believed that DJI-Innovations (DJI) only develop consumer drones. However, a survey found that it was in fact capable of all-round empowerment, including empowering media, such as shooting technology. Therefore, DJI is an important AI enterprise.
China becomes the tornado eye of AI
In response to the status quo of AI development in China, Gang Liu concluded that it is the core engine of the fourth industrial revolution, because it is producing the key production factors of the fourth industrial revolution, namely data and calculation.
At the same time, the smart economy is taking place and developing in accordance with the logic of China. He pointed out that the core reason why China is at the cutting edge of AI lies in its unique environment or situation in guiding the development of the industry. We can tell that China becomes a tornado eye sweeping the tide of AI technology across the world.
In addition, Gang Liu emphasized that the smart economy is a typical "mass entrepreneurship and innovation" economy. He also said that China's smart economy is still in a process of polarization. With the evolution from polarization to proliferation, the smart economy will lead China toward a higher-quality modern economic system.
Photographed by Qing Li with Economic View
Translated by Kuqing Li
Proofread by Ruoyan Yan