China’s Emergence as a Global AI Leader: Hong Kong Contributes with Talent and Funding
China is solidifying its position as a leading player in the field of artificial intelligence (AI), with Hong Kong contributing its talent and funding to support this transformative technology. As the race for AI breakthroughs intensifies globally, China has emerged as a key player, aiming to become the world’s premier AI innovation center by 2030.
Global investment in AI has experienced significant growth over the past decade, with private investment in AI in 2022 reaching 18 times greater than in 2013. Recognizing the potential of AI, China made it a national priority in 2017, outlining its ambition to harness AI’s transformative power to promote technology, economy, social welfare, and national security while contributing to the world.
China’s AI industry has witnessed substantial growth, outpacing the United States in both quantity and quality of AI research papers. The country’s AI market is projected to be worth $38.89 billion in 2023, growing at a compound annual rate of 18% to reach $104.7 billion by 2030. With over 4,300 AI enterprises and major players like Baidu, Alibaba, Tencent, Meituan, and iFlyTek venturing into AI, China possesses the necessary infrastructure, policies, and talent pool to become a global AI leader.
China’s vast population, coupled with its 975 million smartphone users, generates an immense amount of digital data. Data plays a critical role in developing AI, providing China with a considerable advantage in harnessing the power of this technology.
From a regulatory perspective, China has taken strides towards digitalization and innovation. President Xi Jinping proposed the Global AI Governance Initiative during the Belt and Road Forum for International Cooperation, emphasizing a people-centered approach to AI development, inclusiveness, and fairness. The initiative aims to benefit countries regardless of their political or economic situations while focusing on AI risk assessment, privacy, and data security.
Meanwhile, Hong Kong has a significant role to play in China’s AI development. Financial Secretary Paul Chan Mo-po highlighted Hong Kong’s advantages in attracting talent and providing financial support, citing the city’s universities and the Greater Bay Area’s complete AI industrial chain from research to market application.
In conclusion, China is on track to become a global AI leader, backed by a robust AI industry and favorable conditions for growth. With Hong Kong’s contributions in talent and funding, this trajectory is poised for success. While the impact of the Global AI Governance Initiative remains to be seen, China’s leveraging of initiatives such as the Belt and Road Initiative signals its commitment to driving AI advancement and cooperation worldwide.
References:
1. Stanford Institute for Human-Centered AI: 2023 AI Index Report
2. Nikkei Asian Review: China is the undisputed champion in artificial intelligence research papers
3. South China Morning Post: China’s AI market likely to grow 20pc annually to hit nearly US$104.7 billion by 2030
4. Belt and Road Initiative official website: Global AI Governance Initiative
