Daily Management Review

Credit Suisse: China will become the leader in AI sphere


03/23/2018


Two of the world's largest economies dominate the world R&D sphere in the field of artificial intelligence, but China will probably become the winner of the race, CNBC reports with reference to Credit Suisse.



Nagarjun via flickr
Nagarjun via flickr
In China, there is no "serious law" on data protection, and this gives companies almost complete freedom to work on the technology, said Vice Chairman for Greater China in Credit Suisse Private Banking Asia Pacific Dong Tao.

Meanwhile, China lags behind the United States in all areas of artificial intelligence, except for large data, a recent report by the University of Oxford showed.

"I don't mean that firms from China are better than American, I'm not saying that scientists from China are better than American. What makes China a major player in the field of artificial intelligence is the absence of China's serious law that protects data confidentiality," Dong Tao said at the Asian Investment Conference Credit Suisse in Hong Kong.

"WeChat processes seven billion pictures every day - it's a huge resource of data, they would have an advantage in recognition of images," he added.

At some point, China will still enact stricter laws to ensure data confidentiality, Tao said. The authorities of the country will have a difficult task - to guarantee the protection of user data and at the same time not to impede the growth of the sector.

According to Tao, while structural changes in the Chinese economy iare underway and a complex process of reducing the use of borrowed funds, innovations can aid the country to support growth.

In late January, President Xi Jinping called for a deeper integration of large data and artificial intelligence with real economy to stimulate the country's long-term growth.

China should attach greater importance to the development of science and technology and at the same time optimize its economic structures, said the President at a meeting of the Central Committee of the Communist Party. The leader of the PRC stressed the need to use data to improve management.

In October 2017, speaking at the XIX Congress of the Communist Party, China called for the introduction of advanced technologies in the real economy.

source: cnbc.com






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