The 48th World Economic Forum Annual Meeting took place in Davos, Switzerland, where “Artificial Intelligence†remained a central and highly anticipated topic. On the first day of the conference, industry leaders engaged in intense discussions about the future trajectory of AI. The question on everyone’s mind was: How will artificial intelligence reshape the future economic structure, the financial landscape, and the investment scene?
**Capital Market Drives AI Development**
In discussing the development of artificial intelligence in Europe and America, Li Kaifu, Chairman of the Innovation Workshop, emphasized the importance of recognizing the pioneers in the U.S., UK, and Canada. These countries have made significant early efforts in AI, despite the field being largely uncharted for many years. Their persistence laid the foundation for today's advancements.
Moreover, Kai-fu Lee noted that Chinese AI entrepreneurs and investors are closely aligned. Investors are eager to fund promising AI startups, while AI companies are ambitious and driven. This synergy has led to strong growth in both the financial and autonomous sectors.
He also highlighted the role of government policy. Last July, the State Council released the "New Generation Artificial Intelligence Development Plan," setting a three-step goal to make China a global AI innovation hub by 2030. Cities like Beijing, Nanjing, and Guangzhou have already begun implementing this vision, supported by billions in funding. This has created a powerful momentum for local entrepreneurs, investors, and AI firms alike.
**China’s Technology Leads in Big Data**
Chen Shengqiang, CEO of Jingdong Finance, pointed out that the first technological revolution ushered humanity into the industrial age, the second brought electrification, and the third introduced the information age. Now, the fourth technological revolution is centered around the liberation of human cognition, pushing society into the "smart age."
Unlike previous revolutions, which originated in Western nations, the fourth one sees China and developed countries starting on equal footing. In areas such as data and algorithms, China has kept pace with global leaders.
Chen recalled that four years ago, he visited the U.S. and Europe and found that many tech startups there had more advanced capabilities than their Chinese counterparts. Today, that gap has narrowed significantly. At the AI and big data levels, Chinese technology companies are now at the forefront globally.
Jingdong Finance, for instance, has established R&D centers in Silicon Valley and plans to expand further into Europe and Israel. These global efforts reflect a two-way exchange of knowledge, with Chinese tech firms attracting top international talent.
**AI Will Reshape the Labor Market, But Not Replace Humans**
Shi Bifu, CEO of ABB Group, explained that according to Polanyi’s paradox, AI and automation will continue to transform the labor market by eliminating some jobs and creating new ones. However, they won’t fully replace humans.
For example, the Associated Press uses AI to generate news reports using templates. While the writing may not be exceptional, it meets basic standards. This allows journalists to focus on more in-depth reporting and fieldwork.
Advances like IBM Watson in medical data analysis have raised concerns about AI surpassing human capabilities. However, machines currently excel at tasks that can be broken down into steps. There will always be roles better suited for humans. Most economists believe that automation will change job types but not cause structural unemployment.
Throughout history, the job market has evolved continuously. As leaders, we must guide people through these changes, offering support and direction in an ever-changing world.
**AI Bubble: A Cause for Concern?**
Hao Jingfang, a renowned science fiction writer, believes AI will play a major role in transforming the economy, daily life, and various industries, including manufacturing, customer service, sales, education, healthcare, and finance. “It has the potential to enter many areas, and in some cases, even outperform humans.â€
However, she also expressed concerns about the current AI hype. With capital pouring into the sector, many startups have emerged, potentially leading to a bubble. Yet, she argues that the AI bubble is not necessarily larger than those in other industries. “There were previously sectors that were far more inflated. I’ve studied some AI companies in China, and there are still solid enterprises driving real AI innovation and business growth.â€
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