Chinese firms are aggressive investors in AI and show a ‘thirst for talent’, says MIT-BCG report -SCMP
What happened: As Chinese companies are racing for artificial intelligence superiority across the globe, a joint study by Massachusetts Institute of Technology and Boston Consulting Group shows that there’s a lack of AI talents in China. The conclusion is drawn from a survey of over 3,000 participants in 126 countries and 300 executives from China. The report also shows that Chinese AI companies have a higher rate of managing corporate data centrally than their American and European counterparts.
Why it’s important: China’s AI investment is backed by the government’s “call for business to achieve leadership in AI.” It has appointed some domestic heavy hitters, Baidu, Alibaba, Tencent and iFlytek as “national champions” in AI innovations. The report also shows that Chinese AI startups are more focused on using AI to reduce cost than on improving revenue.