The advent of fast-growing artificial intelligence (AI) and increased computing power, coupled with the innovative, integrated development of other related industries will give a major boost to the high-quality development of the digital economy, according to experts.
With the rapid development of the digital economy and the widespread application of information technology, the computing power, as the cornerstone of the AI development, has become a main prop to shore up the social development, according to attendees the 2024 Artificial General Intelligence Computility Forum in Beijing on Thursday.
China's overall computing power has grown at an average annual rate of nearly 30 percent over the past five years, reaching 1.97 trillion floating-point operations per second, ranking second globally.
Alongside China's 'new quality productive forces' -- which refers to an increased focus on innovation and technology -- insiders say that this enhanced computing capability is one of the key drivers pushing forward the country's high-quality development.
"Computing power has promoted the development of the artificial intelligence application, and applications and scenarios have in turn driven the development of computing power. And both have jointly promoted the development of new quality productive forces. Artificial intelligence has been integrated into all walks of life. The faster the computing power, the better the application scenario experience will be," said Wang Yi, president and general manager of NETNIC, an IT networking and cloud computing services provider.
The cutting-edge breakthroughs being made in the advancement of AI are also playing a big role in boosting the development of the sports service sector.
At the Forum on the Development of New Quality Productive Forces in Sports Services, also held in the Chinese capital on Thursday, attendees held in-depth discussions on how new tech innovations can drive the optimization and upgrading of the sports industry and supply chains, deepen the innovative development of the digital sports economy, and empower the cultivation of talents.
"We have been using digital technology to help the development of the entire sports event economy from multiple aspects such as the players' service experience and the delivery of events. At the same time, the rapid development of sports equipment in terms of intelligence, digitization and convenience has created greater development space for the sports service industry," said Chen Li, president of Boden Sports.
Fast-growing AI, computing power prop up high-quality development of digital economy: experts
Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.
The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.
According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.
Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.
It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.
To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.
The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.
For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.
For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.
As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.
By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.
China's financial sector further removes MSMEs' financing blockages in 2024
