In China, A.I. Is Moving Forward While the Economy Lags Behind
As Xi Jinping arrives in the United States this week for a state visit, China’s advances in artificial intelligence will be in the air. Less discussed: China’s economy in its worst shape in decades.
TL;DR
- China is making huge strides in artificial intelligence development.
- Assessments suggest China has eliminated the U.S. lead in AI.
- China's economy is in its worst shape in decades.
- Economists warn that too many resources are being poured into AI, which creates few jobs.
- Youth unemployment in China reached 18.9 percent in August.
- Consumer spending is low, with significant drops in domestic car and housing sales.
- The country is experiencing a deflationary spiral.
- Economists like Li Daokui and Liu Shijin have expressed concerns about the economy's state and proposed solutions to boost consumer demand.