The value of China's core Artificial Intelligence (AI) industries could exceed 1 trillion yuan ($145.47 billion) by 2030, with that of AI-enabled industries more than 10 trillion yuan, a latest report by Bloomberg Intelligence said.
Titled "China's great tech leap forward", the report said that China's push to commercialize AI technologies, supported by the rollout of the world's biggest 5G network, could position the country as a global leader for technology and innovation.
AI-related industries may exceed 6 percent of China's GDP by 2030, according to the report.
Bloomberg analysts also said in the report that the country's abundance of data may fuel the acceleration of the industry. China's breakneck pace of consumer-lifestyle digitization potentially gives researchers unique access to Chinese-language data generated by its 1.4 billion people as they go about their daily activities both online and offline.
According to Tsinghua University, private funding for Chinese AI-related companies in 2017 totaled $27.7 billion, equivalent to 70 percent of global investments in the industry.
Data showed China's cumulative venture-capital investments in AI startups had already caught up with the United States by 2016.
Ling, also the lead analyst of the report, said the top-down support is an important factor apart from the multi-faceted user data and the funding available in China to the industry's fast development.
He added that China's potential dominance in AI by 2030 may be led by developments in transportation, corporate services, health care, and finance.
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