China demonstrated its AI capabilities with flair at the 2024 World AI Conference (WAIC) in Shanghai, showcasing over 24 AI projects and signing agreements worth a staggering 40 billion yuan ($5.48 billion). The event brought together more than 500 representatives from both China and abroad, emphasizing the country’s commitment to leading the development of cutting-edge AI technology.
Among the numerous deals inked at the conference were agreements covering AI computing power, algorithms, and device sectors, highlighting the growing significance and potential of the AI industry. By identifying key procurement needs and projects, totaling an estimated 15 billion yuan, the event organizers emphasized the industry’s vitality and growth prospects.
The WAIC 2024 not only set new records with over 300,000 visitors and 1 billion online views but also showcased an array of innovative technologies that are set to revolutionize various industries. From large language models to humanoid robotics and autonomous driving, Chinese tech companies and emerging startups unveiled their AI products across different sectors, indicating the future trends in China’s AI landscape.
Industry experts and insiders believe that the substantial outcomes and record deals signed at the expo underscore the transformative power of AI technology. Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, described the event as a testament to Chinese companies’ confidence in technological innovation and their determination to seize AI development opportunities actively.
Despite global challenges, particularly in the context of China-US tech competition and US sanctions limiting access to advanced chips, many Chinese tech executives expressed confidence that their companies will continue to thrive in the AI sector. The increasing collaboration and technological advancements in areas such as humanoid robots, brain-machine interfaces, and 6G technology point towards a narrowing intelligence gap between Chinese tech firms and their Western counterparts.
The Ministry of Industry and Information Technology’s focus on promoting technological breakthroughs in key areas further reflects China’s commitment to advancing AI innovation. With ongoing policy support and concerted efforts from tech companies and startups, the AI industry in China is poised for significant growth and development in the coming years.
