China plans to revive economy with AI - "Using artificial intelligence a high political priority"
China's push to embrace artificial intelligence will create new jobs and boost the world's second-largest economy, policymakers and business leaders said, allaying global fears that the technology could stifle employment.
Chinese plans unveiled at the opening of the annual parliament session last week are entirely focused on artificial intelligence. They detail ambitions to offset an aging workforce and long-term economic slowdown through the "job creation" effect of technology over the next five years.
“At present, advancing the use and capabilities of artificial intelligence is the highest policy priority,” said a senior Chinese analyst. The comment came after China’s Human Resources Minister said China was working to “actively use” artificial intelligence to create jobs. The plan is to expand employment opportunities for 12.7 million university graduates this year.
But some analysts are skeptical of Beijing's optimism and said the government may need to do more. "Automation has two big impacts: wages are going down and... youth unemployment will continue to rise," said the Asia-Pacific chief economist at Natixis.
The International Monetary Fund (IMF) predicts that artificial intelligence will affect nearly 40% of jobs in the world, rising to 60% in developed economies, while Stanford University researchers found that it is beginning to exert a "significant and disproportionate" impact on the US job market.
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