Chinese President Xi Jinping Highlights the Transformative Impact of Blockchain and AI on Global Industries

In a congratulatory message to the 2023 China International Intelligent Industry Expo, Chinese President Xi Jinping emphasized the profound changes that emerging technologies like the internet, big data, cloud computing, artificial intelligence (AI), and blockchain are bringing to global industries and lifestyles.

Accelerating Digital Transformation

According to a report from ChainCatcher, Xi Jinping’s message highlighted that these technologies are accelerating the digital, intelligent, and green transformation of industries. “The intelligent industry and digital economy are thriving, significantly altering the global allocation of resources, industrial development models, and people’s lifestyles,” Xi stated.

China’s Digital Economy Focus

China has been placing a high priority on the development of its digital economy. The country is actively promoting the deep integration of digital technologies with its real economy. This involves a collaborative push for digital industrialization and the digitalization of industries, aiming to build a “network powerhouse” and “Digital China.”

Global Implications

The remarks by Xi Jinping come at a time when the global landscape is increasingly influenced by digital technologies. With China being a significant player in the fields of AI and blockchain, the country’s focus on these technologies could have far-reaching implications for global markets and industrial practices.

Data-Driven Insights

As of 2021, China accounted for nearly 21% of the global digital economy, according to data from the China Academy of Information and Communications Technology (CAICT). The country’s investments in AI and blockchain technologies have also seen a steady increase, with a reported $12.4 billion invested in AI alone in 2020, as per data from the Ministry of Science and Technology.

Balanced Perspective

While the message from Xi Jinping is optimistic about the transformative power of new technologies, it is essential to consider the broader context. The acceleration of digital transformation also brings challenges such as data privacy concerns and the potential for increased inequality between those who can and cannot access these technologies.

This is not the first time President Xi has highlighted the importance of blockchain. On October 25, 2019, Xi Jinping stressed the need for China to accelerate blockchain development during a Politburo study session. He highlighted its applications in various sectors, from digital finance to supply chain management, and emphasized the importance of fundamental research and original innovation to position China as a leader in the field.

Conclusion

Xi Jinping’s message serves as a significant indicator of China’s strategic focus on digital technologies as a cornerstone for future development. As these technologies continue to evolve, they are set to play a crucial role in shaping the global economic and industrial landscape.

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