China’s AI industries to drive economic recovery after coronavirus: experts

By Xie Jun Source:Global Times Published: 2020/3/2 13:23:40

A JD Logistics' automatic delivery robot delivers goods in a community in Guiyang, Southwest China's Guizhou Province on February 26. Photos: cnsphotos

China's artificial intelligence (AI) industry will become a strong driving force for the recovery of the coronavirus-hit economy, experts and industry sources told the Global Times on Monday. 

Xiang Ligang, a telecommunications expert, said the epidemic has offered the public a chance to understand andthe huge value of AI and other high-tech industries like 5G. 

"Before the coronavirus, many people thought of those industries as dreams; now, they think of them as needs,"  he told the Global Times.

From remote surgeries to AI-backed unmanned delivery vehicles and AI body temperature detectors, AI technologies have played an active role in China's fight against the deadly virus that has killed thousands in the country and is spreading overseas. 

"The heat of AI industries might cool down a little bit after the coronavirus fades away, but overall the industry will still see leaping growth this year, which will also help drive the general economy," Xiang said, adding that it's hard to predict the actual contribution of AI industries to GDP. 

Tech analyst Liu Dingding agreed that some AI industries like AI robotics and logistics have "exploded" over the coronavirus period. 

"What they used to develop in 3-5 years, they now manage to make in 2-3 months," he said, adding that these industries will continue to grow quickly with the momentum accumulated during the epidemic. 

But he noted that some AI companies were also seeing losses during the epidemic, as they too are unsettled by delayed manufacturing and work resumption difficulties.  

"AI will help drive up the general economy, but I don't think it will play a very decisive role," Liu said. 

CEO of Yogo Robot Zhao Ming said that as a result of the epidemic, the public have come to realize that delivery robots have advantages in enhancing safety, in addition to established benefits like cost efficiency.

"The epidemic is helping us to educate the market in a very short period of time, letting people know that unmanned delivery is the future," he said. 

AI shares experienced a strong rally of 4.06 percent on Monday morning. Telecommunications software maker iHandy saw its share price touch the trading ceiling of a 10 percent rise. AI startup Maxonic saw shares rise by 5.79 percent.  

AIchip unicorn Cambricon, believed to be one of the fastest-growing tech firms in China, plans to list on the tech-heavy science and technology innovation board. 

The Alibaba-backed company has signed a stock issuance guidance agreement with CITIC Securities, according to a statement released by the China Securities and Regulatory Commission. 


Posted in: INDUSTRIES

blog comments powered by Disqus