Artificial intelligence pioneer

Chinese companies are also experimenting with artificial intelligence in bold ways. Search engine giant Baidu recently unveiled the world’s first AI park in Beijing, and last year the Chinese government announced its intention to surpass all Western nations in terms of implementing AI.

“China is currently the second largest investor in AI enterprises after the US and has ambitions to be the global leader by 2030,” says Simon Bussy, head of wealth domain at financial services consultancy Altus Consulting. “It is already the leader in fusing AI with fintech.

“An affiliate of [online retailer] Alibaba has made AI-powered technologies a key driver for expanding its businesses, improving customer service, detecting fraud and anticipating issues.”

Social media powerhouse
Chinese social media company WeChat, meanwhile, now integrates so many functions that it has been described as an “app for everything”, with users able to book doctors’ appointments, and pay traffic fines and bills via the app.

“Tencent, the creators of the WeChat app, have now surpassed Facebook as the fifth most valuable company in the world,” says Dr Hon. “This illustrates China’s incredible growth in the international arena.”

He attributes the success of Chinese tech start-ups, in part, to Chinese companies’ willingness to work closely with global partners. “To be successful in the digital and technological sphere you need to be willing to cooperate with other countries,” he points out.

“This is an approach that China has increasingly taken onboard. China’s decision to invest heavily in technology, both at home and abroad, means that it is slowly but surely working its way up the value-added ladder, and the West can learn from this collaborative approach in order to better compete.” 

China has strategies and objectives, unlike Australia which has neither.

China's objective is to lead AI by 2030. ScoMo's objective to learn what AI is by 2030.