New German Chamber Ticker online: A Look into the Future (Summer 2018)

20.06.18 AHK China - News-Hauptkategorie, German Chamber Ticker Other Publications, Chamber

Shaping the Future

Artificial Intelligence (AI) is one of the most significant technical developments that will shape our future. It could be described as humanlydesigned advanced programs and hardware, that with the help of specific interfaces, are capable to record human and machine behavior on alarge scale and consequently mathematically process and imitate these behaviors at an incredible speed and far more accurately as humans.

This technological upheaval may change our environment as extensively as the industrial revolution. AI will automate monotonous, repetitivemental human work in all aspects of society. It will be a player at stock exchanges and markets, drive our cars, detect anomalies in our factories,facilitate “Industry 4.0” and will support doctors, lawyers, tax consultants, insurance agents and engineers.

Therefore, AI has been identified by China’s government as a corner stone of its “Made in China 2025” agenda. The “New Generation ArtificialIntelligence Development Plan”, which was released in July 2017, allocates research funding of multiple billion dollars to catch up with Westerncountries within three years, achieve major breakthroughs by 2025 and make Chinese Artificial Intelligence Technology “the envy of the world”by 2030.

Besides China’s abilities to develop a nationwide unified strategy and to allocate and concentrate financial resources, it has the advantages of ahealthy hardware manufacturing sector, a large educated population that embraces technological changes, Western educated talents returninghome, easy access to funding and less restrictions on the storage of personal data and last but not least the biggest domestic market potential.

Apart from China’s leading tech firms such as the “BATs” - Baidu, Alibaba and Tencent - an impressive ecosystem of tech-startups has grownout of China in recent years. Whereas Western talents might put a priority to a work life balance, there is the “996” term (start at 9, finish at9, work 6 days) for Shenzhen’s ambitions high tech firms. But there are not only first tier cities. Eleven provincial governments have announcedtargets that combined would create an AI core industry of CNY 400 billion by 2020 which is above the national target of CNY 150 billion.In Hefei the so-called “China Speech Valley” has emerged, where 200 companies, including large domestic players, are dedicated to speechrecognition.

By next year, it is expected that China will surpass the United States as the largest spender on research and development worldwide. Andlocations such as Shenzhen, where around 40% of all international Chinese patents are filed, can be expected to continue making headlines with the emergence of new, promising tech-firms.

It is an exciting time in Chinese technology: Hence, this issue of the German Ticker will take a closer look at several technologies developed inthe middle kingdom, such as artificial intelligence, virtual reality, robotics, virtual commissioning and crypto currency. These technologies bearthe promise to redefine the Chinese economy and might even shape the future of the world economy.

I hope this ticker will allow you to gain some insight into this world of tomorrow!

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