China not ready to dominate artificial intelligence? – China’s latest business and technology news

Business & Technology

A summary of the top news in Chinese business and technology for August 24, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

Over the last year, there have been a growing number of media reports on Chinese advances in artificial intelligence (AI), as well a state-led push to boost the industry. TechNode reports on a recent survey on the global distribution of AI talent. The results: “China lags far further behind than many had imagined.” The reports says:

  • Half of China’s biggest AI employers are American firms;
  • Many Chinese AI personnel are in academia rather than industry;
  • China has about 50,000 people working in AI, compared to the U.S. with 850,000, and India with 150,000.

In related news, Reuters says that internet giant Baidu, one of China’s leading AI firms, will form a “7 billion yuan ($1 billion) private equity fund together with China Life Insurance Group, one of the country’s biggest insurers. The find will focus on “unlisted companies with ‘significant association;’ with China, in the internet sector, including mobile internet, artificial intelligence, and internet finance.”