STMicroelectronics has stated that the People’s Republic of China remains a growth market, despite tensions over semiconductors with the United States. According to Reuters, the high-tech company considers the Chinese market crucial for industries such as electric vehicles (EV), digital power controls, and renewable energy. It is projected that chipmakers in China will contribute around 12% to semiconductor association SEMI, more than any other country.
With China expanding its global AI and semiconductor presence, the competition among key nations in the global AI race is intensifying. Holistic AI predicts that China’s AI market will triple from US$23.196bn in 2021 to approximately US$61.85bn by 2025. The Chinese government aims for AI to generate over US$154bn in annual revenue by 2030.
Leading Chinese internet companies like Alibaba, Baidu, and JD already have advanced AI bots competing with technologies like OpenAI’s ChatGPT. China has been proactive in regulating AI technologies, introducing world-first regulations such as deepfakes and generative models.
Despite recent restrictions imposed by the US government on Chinese chip markets, China continues to accelerate its digital transformation efforts. Companies like Xpeng are investing heavily in AI research and development for intelligent driving initiatives.
Forbes highlights the increase in technology and AI stocks in China, indicating the country’s commitment to ongoing enterprise digital transformations. China’s initiatives like Made in China 2025 and the Next Generation Artificial Intelligence Development Plan demonstrate its dedication to fostering the growth of the AI sector while prioritizing AI ethics and governance.
It is evident that China is determined to thrive in the era of rapid AI advancement and evolution.
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