China to Grow AI Market to US $15 Billion

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China to Grow AI Market to US $15 Billion

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In light of a slowing economy, China wishes to reorient its focus from cheap manufacturing to high technology, with an expansion of its artificial intelligence products market.
The country will speed up the development of its AI sector and create a market worth more than 100 billion yuan (US $15.26 billion) over the next three years, the National Development and Reform Commission said in a statement.

By 2018, China shall build platforms for fundamental AI resources and innovation and make breakthroughs on basic core technology, the three-year implementation programme for ‘Internet Plus’ artificial intelligence said. Under the plan, China will cultivate and develop emerging artificial intelligence industries, promote innovation in intelligent products and enhance the intelligence level of terminal products. The programme will involve key projects such as intelligent home appliances, smart automobiles, intelligent unmanned systems, intelligent wearable devices and robots.

Last year, China unveiled the ‘Internet Plus’ strategy to integrate mobile internet, cloud computing, big data and the Internet of Things with traditional industries and fuel economic growth.

The plan is formulated jointly by the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology and the Cyberspace Administration of China.

As per the plan, China shall be in line with global AI technology and industries by 2018. At key regions, the country will cultivate some global leading AI enterprises and set up an innovative, open, cooperative, green and safe AI industrial ecology.

Chinese economy slowed down to 6.9% last year and the government has fixed 6.5% to 7% as the target for this year.


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