AI to play vital role in future global economic growth: business leaders

International business leaders attending the Global Trade and Investment Promotion Summit on Monday in Beijing believed artificial intelligence (AI) will give a fresh momentum to economic development by improving the productivity while calling for more mature technologies.

The third Global Trade and Investment Promotion Summit saw a gathering of heads of chambers of commerce, business associations and trade promotion facilities, as well as high-level representatives from Tesla, Walmart and other Fortune Global 500 companies. 

A high-level platform for interactions among business communities from different countries, the summit aims to jointly address global issues, nurture new growth points for international economic cooperation and reform the global economic governance system.

State-of-the-art AI technologies and the changes they will bring to economic landscapes have been put under the spotlight.  

Lorenzo Riccardi, chairman of China-Italy Chamber of Commerce, hailed China's technological advances and saw digital technology as a priority area for cooperation between European and Chinese firms.

"I can see that nowadays in the business sector, Italian companies, they focus on Chinese partners to promote the digital trade of the quality of their products. So this is one of the key elements to cooperate between the Italian companies and the Chinese market. I just arrived in Beijing actually traveling from Shenzhen. That [city] is one of the symbols of the technology, the innovation and the development of the Chinese economy. I believe this is one of the key sectors we need to focus as Italian, as European companies, to promote our interactions with the Chinese companies," said Riccardi.

Japanese business leader Osamu Onodera said industries can take up the AI tools to become more productive.

"So AI will allow for data to be shared real-time and also for resources to be allocated more efficiently. And so I think there's a lot of possibility for AI to boost production and also allow for more efficient resource allocation," said Onodera, who is vice chairman of the Japanese Chamber of Commerce and Industry in China.

While being optimistic about the prospect of AI industry and how it will reshape the economy and society, experts also warned investors to be cautious and stressed efforts to accelerate AI maturity.

"I think AI in China will develop substantially and rapidly. Look at what Baidu is doing, for example, in their AI program. [Developing] AI needs a lot of repetition and China is in a great position to do that because of the number of populations and transactions and the information that can flow," said Rani Jarkas, chairman of Cedrus Investments, a Hong Kong-headquartered global boutique investment firm.

"It's amazing technology, but it needs to be developed, needs to be matured slightly more. So we think that there's a lot of hype at the moment and the valuation is very high and investors need to be cautious. However, five, ten years down the road, this technology will be very important for advancing human lifestyle and also in technology too," Jarkas said.

AI to play vital role in future global economic growth: business leaders

On his second official visit to China, Prime Minister of the Republic of Vanuatu Charlot Salwai expressed admiration for China's remarkable ability to balance preserving its cultural heritage with embracing innovative transformation.

Salwai paid an official visit to China from July 7 to 12. During his trip, he toured the southern province of Guangdong and explored the megacities of Beijing and Shanghai. His visit included tours of high-tech companies, a ride on a high-speed train, and a performance of traditional Cantonese opera.

In an interview with China Central Television Network (CCTV) aired on Friday, Salwai recounted his journey starting with a warm welcome that included enjoying Beijing Roast Duck, also known as Peking Duck -- a culinary delight introduced to him by the Chinese ambassador in Vanuatu.

"Many had to say. Peking Duck. Because we had it here on our arrival, so it was very tasty. And I understand that the Chinese ambassador in Vanuatu brought us to one of the traditional restaurants, small but beautiful," he said. The prime minister sees China's preservation of its culture as a vital lesson in understanding one's roots and the journey to the present day, acknowledging China's efforts to integrate cultural preservation with modernization.

"It's going to be my second official visit to China. I'm always impressed to see big changes and especially innovations made by China and especially the cities. Because a big impression is to see how China continues to maintain and keep its culture. Because I think it's the basis of everything -- to know where you come from and to understand where we are today. I feel that China is doing a lot to maintain its culture, but at the same time, doing, innovating to transform its culture,” Salwai said.

He also emphasized the importance of learning from China's sustainable development strategies.

"Today, it comes from a long way, some hardship, the government, and also the people of China. So, I'm impressed to see what is done, especially how China associates infrastructure development with nature. That's meant to keep, continue to keep the environment. It takes effort with the climate change by maintaining the ecosystem. I think it's something that, for a small country like Vanuatu, is important to learn. So, we are here. I'm here with my delegation to learn," Salwai said.

Vanuatu's PM commends China's cultural preservation, innovation amid fast growth