We’ve witnessed the rapid development of artificial intelligence in China over the last couple of years. China, in fact, is now leading the world in certain key AI technologies thanks to policy support.
In the matter of fund-raising, however, the sector has seen a decline since the beginning of the year, according to some industry observers.
Venture capital investment in the AI sector has been contracting. The number of mega deals (above US$100 million) in the segment has dropped to just four in the first six months of the year, compared with 26 during the same period a year ago.
The AI industry has to overcome some key bottlenecks such as data quality, limited commercial applications and data security issues, but solid progress has been seen in certain fields, offering hopes of a breakthrough in the near future.
In the health care sector, AI stands a good chance of empowering hospitals and doctors with better diagnostic abilities.
The financial services sector is expected to rely more heavily on AI to manage risks on a real-time basis. The decision-making process could also become more automated in the near future.
Autonomous driving is another promising area, especially with the right set of policy and development of smart city technology.
This article appeared in the Hong Kong Economic Journal on Aug 14
Translation by Julie Zhu
[Chinese version 中文版]
– Contact us at [email protected]