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Business Times
2 hours ago
- Business
- Business Times
China on cusp of seeing over 100 DeepSeeks, ex-top official says
[TIANJIN] China's advantages in developing artificial intelligence are about to unleash a wave of innovation that will generate more than 100 DeepSeek-like breakthroughs in the coming 18 months, according to a former top official. The new software products 'will fundamentally change the nature and the tech nature of the whole Chinese economy,' Zhu Min, who was previously a deputy governor of the People's Bank of China, said during the World Economic Forum in Tianjin on Tuesday (Jun 24). Zhu, who also served as the deputy managing director at the International Monetary Fund, sees a transformation made possible by harnessing China's pool of engineers, massive consumer base and supportive government policies. The bullish take on China's AI future promises no letup in the competition for dominance in cutting-edge technologies with the US, just as the world's two biggest economies are also locked in a trade war. The US sees China as a key rival in the field of AI, especially after DeepSeek shocked the global tech industry in January with its low-cost but powerful model. In addition to efforts to prevent China from securing advanced semiconductor manufacturing equipment, Washington is blocking Chinese companies from acquiring Nvidia's high-end AI chips for training, citing national security concerns. Beijing is now pinning its hopes on domestic tech giants like Huawei Technologies when it comes to advanced chipmaking. The emergence of DeepSeek triggered a rally in China's tech stocks, fuelling optimism over Chinese competitiveness despite tensions over trade with the Trump administration and economic challenges at home. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Bloomberg Economics estimates the contribution of high-tech to China's gross domestic product climbed to about 15 per cent in 2024 – from near 14 per cent a year earlier – and could exceed 18 per cent in 2026. The World Economic Forum's annual meeting in Tianjin, also known as 'Summer Davos,' has attracted global business executives and world leaders. Singaporean Prime Minister Lawrence Wong and Vietnamese Prime Minister Pham Minh Chinh are scheduled to speak at the three-day event. Chinese Premier Li Qiang is expected to address the conference during the opening plenary on Wednesday and meet with participants. Despite a tariff truce negotiated a month ago with the US, American levies are still at high levels, with a more lasting deal still in question. Analysts polled by Bloomberg forecast GDP growth will slip to 4.5 per cent this year, significantly below the official target of around 5 per cent. It expanded 5.4 per cent in the first quarter. 'The uncertainty brought by US tariff policy is an important factor that may lead to negative growth in global trade this year,' Zhu told reporters on the sidelines of the forum. 'The entire trade industrial chain has begun to slow, investments has begun to stop, so the impact is greater than the actual tariff rate.' Zhu said the US will likely see inflation pick up starting in August, as it takes some time for tariffs to feed through to the economy and for companies to use up stockpiles they accumulated before Trump hiked duties. Despite shocks from abroad, China's GDP likely grew faster than 5 per cent in the second quarter, according to Huang Yiping, a member of the Chinese central bank's monetary policy committee. Speaking at the Tianjin forum, he pointed to the economy's solid performance in April and May and early positive signs from high-frequency indicators in June. But despite unexpectedly strong retail sales in May, when they grew at the fastest pace since December 2023, Huang said China still needs to address the issue of insufficient consumption. 'Boosting consumption is still a big challenge, partly because the global external market is less open as before,' said Huang, who's also dean of the National School of Development at Peking University. 'For a large country, you can't continuously export your excess capacity,' Huang said. 'That's why I think the policy priority now is to first focus on domestic circulation.' Huang said there's a perception that China's stimulus policy during the global financial crisis was too aggressive given some of the subsequent problems such as asset bubbles and local government debt. But the lesson isn't necessarily that China should hold back this time around. 'I personally would still support decisive policy action today, and then quickly turn around to deal with the problems later,' he said. BLOOMBERG
Yahoo
2 hours ago
- Business
- Yahoo
China on Cusp of Seeing Over 100 DeepSeeks, Ex-Top Official Says
(Bloomberg) -- China's advantages in developing artificial intelligence are about to unleash a wave of innovation that will generate more than 100 DeepSeek-like breakthroughs in the coming 18 months, according to a former top official. Bezos Wedding Draws Protests, Soul-Searching Over Tourism in Venice US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Commuters Risk Lives in Johannesburg With Taxi Groups at War The new software products 'will fundamentally change the nature and the tech nature of the whole Chinese economy,' Zhu Min, who was previously a deputy governor of the People's Bank of China, said during the World Economic Forum in Tianjin on Tuesday. Zhu, who also served as the deputy managing director at the International Monetary Fund, sees a transformation made possible by harnessing China's pool of engineers, massive consumer base and supportive government policies. The bullish take on China's AI future promises no letup in the competition for dominance in cutting-edge technologies with the US, just as the world's two biggest economies are also locked in a trade war. The US sees China as a key rival in the field of AI, especially after DeepSeek shocked the global tech industry in January with its low-cost but powerful model. In addition to efforts to prevent China from securing advanced semiconductor manufacturing equipment, Washington is blocking Chinese companies from acquiring Nvidia Corp.'s high-end AI chips for training, citing national security concerns. Beijing is now pinning its hopes on domestic tech giants like Huawei Technologies Co. when it comes to advanced chipmaking. The emergence of DeepSeek triggered a rally in China's tech stocks, fueling optimism over Chinese competitiveness despite tensions over trade with the Trump administration and economic challenges at home. Bloomberg Economics estimates the contribution of high-tech to China's gross domestic product climbed to about 15% in 2024 — from near 14% a year earlier — and could exceed 18% in 2026. The World Economic Forum's annual meeting in Tianjin, also known as 'Summer Davos,' has attracted global business executives and world leaders. Singaporean Prime Minister Lawrence Wong and Vietnamese Prime Minister Pham Minh Chinh are scheduled to speak at the three-day event. Chinese Premier Li Qiang is expected to address the conference during the opening plenary on Wednesday and meet with participants. Despite a tariff truce negotiated a month ago with the US, American levies are still at high levels, with a more lasting deal still in question. Analysts polled by Bloomberg forecast GDP growth will slip to 4.5% this year, significantly below the official target of around 5%. It expanded 5.4% in the first quarter. 'The uncertainty brought by US tariff policy is an important factor that may lead to negative growth in global trade this year,' Zhu told reporters on the sidelines of the forum. 'The entire trade industrial chain has begun to slow, investments has begun to stop, so the impact is greater than the actual tariff rate.' Zhu said the US will likely see inflation pick up starting in August, as it takes some time for tariffs to feed through to the economy and for companies to use up stockpiles they accumulated before Trump hiked duties. Despite shocks from abroad, China's GDP likely grew faster than 5% in the second quarter, according to Huang Yiping, a member of the Chinese central bank's monetary policy committee. Speaking at the Tianjin forum, he pointed to the economy's solid performance in April and May and early positive signs from high-frequency indicators in June. But despite unexpectedly strong retail sales in May, when they grew at the fastest pace since December 2023, Huang said China still needs to address the issue of insufficient consumption. 'Boosting consumption is still a big challenge, partly because the global external market is less open as before,' said Huang, who's also dean of the National School of Development at Peking University. 'For a large country, you can't continuously export your excess capacity,' Huang said. 'That's why I think the policy priority now is to first focus on domestic circulation.' Huang said there's a perception that China's stimulus policy during the global financial crisis was too aggressive given some of the subsequent problems such as asset bubbles and local government debt. But the lesson isn't necessarily that China should hold back this time around. 'I personally would still support decisive policy action today, and then quickly turn around to deal with the problems later,' he said. (Updates with additional comments in final three paragraphs.) Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? What Mike Tyson and the Bond Market Can Teach Trump on Debt ©2025 Bloomberg L.P.
Time of India
2 hours ago
- Business
- Time of India
China on cusp of seeing over 100 DeepSeeks, ex-top official says
China's advantages in developing artificial intelligence are about to unleash a wave of innovation that will generate more than 100 DeepSeek-like breakthroughs in the coming 18 months, according to a former top official. The new software products 'will fundamentally change the nature and the tech nature of the whole Chinese economy,' Zhu Min , who was previously a deputy governor of the People's Bank of China, said during the World Economic Forum in Tianjin on Tuesday. Zhu, who also served as the deputy managing director at the International Monetary Fund, sees a transformation made possible by harnessing China's pool of engineers, massive consumer base and supportive government policies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Cul-de-Sac Is Dead. Here's Why This Aussie Favourite Has Hit a Dead End RAC WA Read More The bullish take on China's AI future promises no letup in the competition for dominance in cutting-edge technologies with the US, just as the world's two biggest economies are also locked in a trade war. The US sees China as a key rival in the field of AI, especially after DeepSeek shocked the global tech industry in January with its low-cost but powerful model. In addition to efforts to prevent China from securing advanced semiconductor manufacturing equipment, Washington is blocking Chinese companies from acquiring Nvidia Corp.'s high-end AI chips for training, citing national security concerns. Beijing is now pinning its hopes on domestic tech giants like Huawei Technologies Co. when it comes to advanced chipmaking. Live Events The emergence of DeepSeek triggered a rally in China's tech stocks, fueling optimism over Chinese competitiveness despite tensions over trade with the Trump administration and economic challenges at home. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Bloomberg Economics estimates the contribution of high-tech to China's gross domestic product climbed to about 15% in 2024 — from near 14% a year earlier — and could exceed 18% in 2026. Bloomberg The World Economic Forum's annual meeting in Tianjin, also known as 'Summer Davos,' has attracted global business executives and world leaders. Singaporean Prime Minister Lawrence Wong and Vietnamese Prime Minister Pham Minh Chinh are scheduled to speak at the three-day event. Chinese Premier Li Qiang is expected to address the conference during the opening plenary on Wednesday and meet with participants. Despite a tariff truce negotiated a month ago with the US, American levies are still at high levels, with a more lasting deal still in question. Analysts polled by Bloomberg forecast GDP growth will slip to 4.5% this year, significantly below the official target of around 5%. It expanded 5.4% in the first quarter. 'The uncertainty brought by US tariff policy is an important factor that may lead to negative growth in global trade this year,' Zhu told reporters on the sidelines of the forum. 'The entire trade industrial chain has begun to slow, investments has begun to stop, so the impact is greater than the actual tariff rate.' Zhu said the US will likely see inflation pick up starting in August, as it takes some time for tariffs to feed through to the economy and for companies to use up stockpiles they accumulated before Trump hiked duties. Bloomberg Despite shocks from abroad, China's GDP likely grew faster than 5% in the second quarter, according to Huang Yiping, a member of the Chinese central bank's monetary policy committee. Speaking on another panel at the Tianjin forum, he pointed to the economy's solid performance in April and May. But despite unexpectedly strong retail sales in May, when they grew at the fastest pace since December 2023, Huang said China still needs to address the issue of insufficient consumption. 'Boosting consumption is still a big challenge, partly because the global external market is less open as before,' said Huang, who's also dean of the National School of Development at Peking University. Bloomberg 'For a large country, you can't continuously export your excess capacity,' Huang said. 'That's why I think the policy priority now is to first focus on domestic circulation.'
Bloomberg
8 hours ago
- Business
- Bloomberg
China on Cusp of Seeing Over 100 DeepSeeks, Ex-Top Official Says
China's advantages in developing artificial intelligence are about to unleash a wave of innovation that will generate more than 100 DeepSeek-like breakthroughs in the coming 18 months, according to a former top official. The new software products 'will fundamentally change the nature and the tech nature of the whole Chinese economy,' Zhu Min, who was previously a deputy governor of the People's Bank of China, said during the World Economic Forum in Tianjin on Tuesday.
Borneo Post
25-04-2025
- Business
- Borneo Post
China's policy support boosts private sector's healthy development
The sector, constituting more than 90 per cent of enterprises in the world's second-largest economy, has forged ahead with steady expansion as the country reaffirms unswerving support for the sector's growth amid challenges and difficulties. – Xinhua photo BEIJING (April 24): China's private sector saw robust industrial output growth in the first quarter of 2025, with its investment in manufacturing and innovation-driven development also accelerating. The sector, constituting more than 90 per cent of enterprises in the world's second-largest economy, has forged ahead with steady expansion as the country reaffirms unswerving support for the sector's growth amid challenges and difficulties. In the latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, guest speakers focused on the important messages from a high-level symposium on private enterprises held in February, sharing insights on the private sector's challenges and opportunities. Their discussions also shed light on the sector's broad development prospects and immense potential. Unswerving support for the private sector Guest speaker Liu Min, deputy head of the private economy development bureau under the National Development and Reform Commission (NDRC), China's top economic planner, told Xinhua that China's private sector has supported overall national economic growth with a solid performance in the first quarter of 2025. Meanwhile, the symposium — attended by top Chinese leaders and representatives of private enterprises — has demonstrated the firm determination of the Party and the country to promote the private sector's development. 'A clear message from the meeting is that the importance of the private sector in the Chinese economy cannot and will not be changed,' according to guest speaker Zhu Min, a member of the Senior Expert Advisory Committee of the China Center for International Economic Exchanges. He said the meeting has conveyed the message that full support from all levels of government is to be provided to promote the sector's healthy development. Official data shows that in the first quarter of 2025, the value-added industrial output of private enterprises increased 7.3 per cent year on year, outpacing the growth rate of all industrial enterprises; private investment grew 0.4 per cent year on year, shifting from a decline in 2024. Notably, private investment in the manufacturing sector grew by 9.7 per cent. Meanwhile, the import and export volume of private enterprises rose 5.8 per cent in the first quarter. As a representative of private entrepreneurs who spoke at the symposium, Liu Yonghao, chairman of New Hope Group, a leading agricultural conglomerate in China, said at the roundtable that he felt deeply encouraged by the support the country has pledged for the private sector, saying that private firms must strive for new achievements by tapping into new quality productive forces and advanced technologies. Tan Limin, chairman of Westwell, a Chinese tech firm engaged in AI applications and autonomous driving solutions, said the symposium has also shown the importance the government attaches to tech companies in the private sector, which would encourage private firms to continue with more investment in technological innovation. Private economy expands amid supportive measures Private enterprises in China continued to expand steadily in the first quarter of 2025 amid government efforts to spur growth in both the private sector and the broader economy. Newly established private firms numbered nearly 2 million during the period, marking an increase of 7.1 per cent year on year, official data showed. Over 40 per cent of the newly established private firms during the January-March period were related to new technologies, products, business forms and models, the data showed. Currently, private enterprises contribute 70 per cent of technological innovation in the country. Liu Min said the government has intensified efforts to strengthen and optimise the supervision mechanism related to administrative charges levied on enterprises, address overdue payments owed to private enterprises, and continue efforts to ensure fair private sector access to competitive infrastructure and major national scientific research facilities. The government on Thursday published a new version of the market access negative list, which further reduced the number of items on the list from 117 to 106, a decrease of 11 items. 'Legislative work regarding the private economy promotion law is being accelerated, with the draft law expected to be submitted to lawmakers for a third reading,' she said. The proposed legislation, set to become China's first fundamental law dedicated to the private sector, explicitly defines the private sector as a vital pillar of China's socialist market economy, with observers expecting it to boost entrepreneurial confidence and encourage long-term investment. Zhu said that Chinese private enterprises are highly competitive. He observed that over the past few years, Chinese private enterprises have sought to reduce costs and improve quality, with their share in the country's total import and export volume having increased to over 56 per cent, demonstrating resilience. However, in the face of high tariffs, it is important that the country offer multi-pronged support for private enterprises through boosting domestic demand and providing financing support to help them navigate the challenge, said the economist. Broad development prospects Guest speakers have voiced optimism in the Chinese private sector's development prospects, believing that the huge Chinese market with over 1.4 billion people represents ample business opportunities for private enterprises. Liu Min said that Chinese private enterprises are stepping up technological and industrial innovation efforts, as traditional industries are steadily evolving to high-end, intelligent and green, and strategic emerging industries such as AI, embodied robotics, commercial aerospace, and biomedicine, as well as the cultural sector, are thriving. Liu Yonghao said there is great potential for traditional industries to upgrade by developing new quality productive forces. He gave an example of his firm's investment in digitisation and smart technologies applied in cold chain logistics, which have greatly helped protect the quality of perishable food products and mitigate waste. He made the company a leader in this business segment in the country. Tan of Westwell said that by sticking to technological innovation for a decade, his company's AI and autonomous driving technologies and solutions have entered the markets in 28 countries and regions, helping revolutionise container logistics with its AI-empowered digital and intelligent services. According to Zhu, over the past 40-plus years, China's private enterprises have grown rapidly, and there will be great opportunities in areas such as AI software development, new manufacturing, green development, and the service industry going forward. 'I am very optimistic about the prospects of Chinese private enterprises.' – Xinhua China economy private sector Xinhua
