China unveils multi-billion dollar Artificial Intelligence plan

China expects the value of its Artificial Intelligence (AI) industries to spike between 2020 and 2025, according to an official communique. Unveiling its national AI development plan on Thursday (20 July), China’s State Council said it expects the value of its core AI industries to exceed CNY400bn ($60bn, £46bn) by 2025, up from a CNY150bn projection in 2020. The State Council confirmed also Beijing’s stance of incremental investment in AI every year to 2025; the year the government communique states China is aiming to be an international leader in AI by. According to PwC, AI-related growth will boost the global economy by $16trn (£12.35trn) by 2030. Nearly half of that bonanza will accrue to China, the consultancy predicted further. In 2016, China released more science and technology papers, and Chinese companies, whether private or state-owned, applied for more patents than any other country, a number of which in the sphere of AI.

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