China has for the first time proposed the idea of creating a new form of intelligent economy in this year's Government Work Report, an official said Thursday in Beijing at a press conference on the interpretation of the Report.
The Government Work Report was submitted to the National People's Congress (NPC), the country's supreme organ of state power, for deliberation on Thursday morning.
Chen Changsheng, a member of the Report drafting group and deputy director of the State Council's Development Research Center, said that China has been for three consecutive years making deployments regarding "AI+", and this year, AI application will be applied faster in industry, agriculture, medical care and education areas to bring new changes to people's daily life and work.
"Creating a new form of intelligent economy" is a completely new concept put forward in this year's Government Work Report. There are three key approaches to creating this new form of intelligent economy, Chen said.
"First, we need to expand and accelerate large-scale applications of 'AI+'. We will continue to implement support policies for trade-in programs, accelerate the development of intelligent agents, speed up applications in vertical sectors, and build a number of pilot testing and application bases to make AI deeply integrated with and rapidly advance in fields such as industry, agriculture, education, healthcare, and technology," said Chen.
Meanwhile, China will deepen open source development, accelerate the construction of open source datasets and open source toolsets, cultivate a number of high-quality open source projects, and reduce the cost for small and medium-sized enterprises to apply large models, Chen said.
Efforts will also be made to solidify the infrastructure foundation for AI development, make good use of the advantages of the State Grid system, and further implement the construction of ultra-large-scale intelligent computing clusters and new infrastructure with coordinated computing and power capacities, the official noted.
"We need to accelerate the development of the 'model-chip-cloud-application' ecosystem to enhance our forward-looking competitiveness, expedite the construction of an innovation hub for artificial intelligence, and create magnet hubs with strong appeal for AI talent," said Chen.
China to further advance AI application to create new forms of smart economy: official
Chinese stock markets dropped on Monday, as AI and tech stocks continued to see-saw, according to China Global Television Network (CGTN) market analyst Timothy Pope.
The benchmark Shanghai Composite Index closed down 0.59 percent at 3,882.01 points, with the Shenzhen Component Index, which has more exposure to the tech sector, closing 2.13 percent lower at 13,794.29 points.
Trading volumes on the two indices rose with around 2.01 trillion yuan (about 296.28 billion U.S. dollars) traded on Monday, up from 1.88 trillion yuan (about 280 billion U.S. dollars) last Friday.
Traditional sectors such as precious metals, coal mining, and insurance led the gains, while bio-tech stocks were among the top decliners.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 3.21 percent to close at 3,431.89 points on Monday.
The STAR Composite Index, which tracks the performance of stocks on China's sci-tech innovation board, closed 3.10 percent lower on Monday at 1,896.16 points.
"The A-share markets seem locked in this cycle of rally and rout for those growth stocks, particularly in the AI and adjacent sectors. Today was very much on the rout side so, while the Shanghai Composite Index was down 0.6 percent, we saw the Shenzhen Component down more than 2 percent, the ChiNext board was down 3.2 percent and the STAR 50 down 3.1 percent. Those last three are more exposed to the tech rally than the Shanghai Composite. The big losers as I said were AI hardware companies - Shenzhen Gongjin Electronics was down 10 percent, Zhongji Innolight fell more than 7 percent. But they weren't alone because the other big winning sector of the last few weeks - biotech - was in retreat today as well. Investors were rotating into gold and coal stocks as well, and agricultural stocks extended the food security trade rally that we saw at the end of last week. There were a number of stocks across those sectors, all of those were hitting the upper limits of trade today," said Pope.
Pope said the rest of the week will be dominated by earnings reports from some of China’s biggest companies.
"The rest of the week is going to be mostly about earnings. The end-of-August filing deadline is fast approaching. Friday will be a really big day on the earnings calendar. We've got BYD, PetroChina, Shenhua Energy and a lot of big banks as well. Earnings that we are going to see for ICBC, China Merchants Bank and others will give us an insight into how much pressure the big banks are under with their margins. BYD is also going to be an interesting one in light of the government's anti-involution campaign and its efforts to avert a bit of a race to the bottom in the EV sector. And before we get there, there are Nvidia results in the US on Wednesday which will doubtless impact every stock in the AI space," he said.
Chinese stock markets start week lower on AI volatility: analyst
