Int'l experts hail China's AI development at Wuzhen summit in east China

Artificial intelligence (AI) has undergone rapid development in China and has transformed the future of work for professionals, according to experts attending the 2024 World Internet Conference (WIC) Wuzhen Summit in the ancient water town of Wuzhen in east China's Zhejiang Province.

The 2024 edition, themed "Embracing a People-centered and AI-for-good Digital Future -- Building a Community with a Shared Future in Cyberspace," features 24 sub-forums on topics such as the Global Development Initiative, digital economy and AI technology governance, along with a series of activities.

As part of the WIC Wuzhen Summit, the Light of Internet Expo kicked off on Tuesday. The event has drawn an impressive lineup of 665 domestic and international companies and institutions from 53 countries and regions, highlighting the latest advancements in AI technology.

Speaking to China Global Television Network (CGTN) on the sidelines of the expo, international experts shared their insights into China's rapid AI development and its critical role in transforming industries.

"What impressed me the most is the development of the local model. It started very late and is already catching up with the world leader. China has a lot of very talented engineers that help us achieve many projects. The frontier and the border is not a challenge for developing AI models, especially we have a lot of open source models and our local models, so we can work very well with China market," said Frederic Bazin, CEO of Coderbunker, a community of international software developers.

"China is leading the way a lot in AI. We were with Shanghai's top AI technology company. They're called DeepBlue Technology. We've been working with them for nearly 10 years, and they do develop cleaning robots. For example, Marriott hotels in the USA are using DeepBlue robots to clean all their hotels," said Cliff Hegan, the managing director of human resources consulting firm Fitco.

This year's WIC Wuzhen Summit kicked off on Wednesday and is scheduled to close on Friday.

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 22 pips to 7.0572 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.