China’s Industrial Revolution only started about 40 years ago. The resulting rapid economic growth has been called a miracle, establishing China as the World’s second-largest economy. While its economy has been able to catch up, China still shows a large gap in the field of science and technology.
China, however, is not trying to play tech catch up; instead, it plans to leapfrog the US and other Western economies.
In order to seize global dominance, China is betting heavily on artificial intelligence (AI), which is destined to become the strategic technology leading the future. Already, it is estimated that, by next year, AI augmentation will create $2.9 trillion of business value and 6.2 billion hours of worker productivity globally. PwC predicts that AI will add $15.7 trillion to the global economy by 2030. And Accenture believes that AI could double the annual economic growth rate in 2035 and increase labour productivity by up to 40 percent.
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