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From AI to new energy, China's emerging industries a boon for the world(Xinhua) 08:15, June 28, 2024
Participants chat outside the Dalian International Conference Center, venue of the 15th Annual Meeting of the New Champions, also known as the Summer Davos, in Dalian, northeast China's Liaoning Province, June 26, 2024. (Xinhua/Yao Jianfeng)
* The 15th Annual Meeting of the New Champions, also known as the Summer Davos, concluded on Thursday in the coastal city of Dalian in northeast China's Liaoning Province.
* China's high-quality development amid its drive to foster new quality productive forces has been a boon for countries and multinational companies across the globe.
* In promoting emerging industries, China has achieved its own economic growth and also made significant contributions to global innovation and sustainable development.
DALIAN, June 27 (Xinhua) -- Five years on, the Annual Meeting of the New Champions brought worldwide business gurus, political leaders and academic elites back to northeast China's coastal city of Dalian, exploring new horizons for future growth.
Many dialogues at the event, also known as Summer Davos, led to a consensus that China's high-quality development amid its drive to foster new quality productive forces had been a boon for countries and multinational companies across the globe, helping them weather the predicament of the world economy.
In various domains, ranging from technological development represented by artificial intelligence (AI) to green innovation spearheaded by new energy technologies, industry insiders at the event recognized that China is among the flagbearers, eyeing more spillover effects from China's progress.
China's continuous recovery and long-term improvement, as well as the transformation, upgrading and profound changes in its economy, will surely provide new and broad space for the development of global enterprises, said Chinese Premier Li Qiang, when attending a symposium for foreign business representatives at the event.
NEXT FRONTIERS WITH AI
According to Chen Liming, chair of Greater China of the World Economic Forum, future growth points will revolve around technological innovation and green low-carbon exploration, creating new engines for growth amidst global transformations.
Rapid advancements in areas including AI and energy transition are set to provide unprecedented momentum for the high-quality and steady development of the global economy, Chen noted.
For many distinguished panelists at the event, China serves as a prominent trendsetter and a second-to-none magnet for related industries amid the trend of exploring new frontiers of AI and new energy sectors.
"China's AI industry remains at the forefront globally. As a strategic technology that will lead the future, AI is considered a crucial engine for creating new quality productive forces," said Cai Wei, chief strategy officer of KPMG China Advisory, noting that the rapid development of AI in China is empowering various industries, enhancing efficiency and providing new opportunities for businesses and individuals alike.
China is leading the way in AI spending and serves as a significant contributor to the world economy growth brought by AI-related sectors, said Jessica Zhang, senior vice president, APAC at Automatic Data Processing Inc., an American provider of human resources management software and services, regarding China as one of the major global players in AI sector.
Speaking to Xinhua, Zhang said that China's development opportunities, openness and massive data resources are surely benefiting both domestic and foreign companies. "We also see these great opportunities in China, and will continue investing in China and building our own channels to AI and AI tools."
For Kang Xi, an assistant professor at Vanderbilt University in the United States, AI technologies advanced in China will benefit other countries.
"The technology advancements in many countries including China are open-sourced, with a spillover effect benefiting other developers globally," Kang told Xinhua. "China's computing power and its vast consumer data are going to refine the foundation of AI models and also help create customized smaller models that can be implemented in other countries."
A girl interacts with an artificial intelligence (AI) robot at the fourth China International Consumer Products Expo (CICPE) in Haikou, capital city of south China's Hainan Province, April 15, 2024. (Xinhua/Guo Cheng)
SHARING GREEN DEVELOPMENT
Besides AI, China has been vigorously developing the new energy sector to meet its dual carbon commitments and help fight the climate crisis.
China provides 50 percent of the world's wind power equipment and 80 percent of global photovoltaic equipment. It has driven down the cost of renewable energy and helped some other countries obtain clean, reliable, and affordable energy.
Espen Mehlum, head of Energy Transition Intelligence and Regional Acceleration, World Economic Forum, spoke highly of China's green transition and highlighted its reference significance.
