In a recent report by global consultancy Accenture, approximately 80 percent of Chinese business leaders anticipate a surge in technological disruption throughout 2024. Notably, 92 percent of these leaders view the rapid development of generative artificial intelligence (AI) as an opportunity rather than a threat, showcasing a more positive outlook compared to their global counterparts.
The report highlights that executives worldwide rank technologies driven by advances in generative AI as the primary factor influencing the transformation of the business environment. Among Chinese enterprises surveyed, 77 percent consider generative AI more beneficial for revenue growth than cost reductions.
Furthermore, the study indicates that 80 percent of Chinese business leaders foresee accelerated revenue growth in the current year, surpassing the global average of 68 percent. Despite this optimism, 62 percent of Chinese executives admit to being unprepared to address the impending changes in the business environment.
The survey, conducted between October and November 2023, encompassed over 3,400 company executives globally, including 260 from China, spanning 20 industries.
Generative AI, defined as computer algorithms trained with vast datasets to generate content such as images, text, audio, and video, emerged as a key focus. Accenture’s Technology Vision 2024 emphasizes the increasing human-like and intuitive nature of disruptive technologies, predicting an era of unprecedented productivity and creativity.
The report forecasts that language-based AI, supported by generative AI, will augment approximately 40 percent of all working hours, potentially creating at least $8 trillion in global economic value across 900 different job types.
Experts anticipate a broader integration of generative AI with various sectors, evolving into a productivity tool in the coming year. Major Chinese tech companies, including Alibaba Group Holding Ltd, Baidu Inc, and Tencent Holdings Ltd, are intensifying efforts to develop their AI-powered large language models.
In response to the growing significance of AI, China’s State Council recently unveiled policy measures to advance the deep integration of AI with manufacturing, with a particular emphasis on smart manufacturing.
Market research firm CCID Consulting predicts significant growth in China’s AI industry over the next 10 to 15 years, with the market scale reaching 1.73 trillion yuan ($241.3 billion) by 2035, accounting for 30.6 percent of the world’s total.
Baidu’s CEO, Robin Li, underscores the transformative potential of generative AI and large language models, emphasizing their positive impact on various industries and society as a whole. Experts, however, stress the need for increased investment in basic scientific research by Chinese AI firms to maintain a competitive edge in the global AI landscape.