China’s AI development plan lifts technology stocks

2017-07-21
Xinhua

BEIJING — Shares of Chinese companies related to artificial intelligence (AI) surged on July 21, lifted by the government’s plan to make China a world leader in the sector.

Bucking a falling trend of the key Shanghai index, AI-related shares grew 1.25 percent in the morning session.

CSG Smart Science and Technology, which focuses on research and manufacturing of industrial robot application products and smart distribution networks, surged 4.1 percent to end the morning session at 22.30 yuan (about $3.30).

Wisesoft, a Chengdu-based software product provider, climbed 1.97 percent to 22.83 yuan in the morning session. Siasun Robot &Automation added 3 percent to 19.33 yuan.

The State Council, China’s cabinet, unveiled an AI development plan on July 20, vowing to make the value of core AI industries exceed 150 billion yuan by 2020, 400 billion yuan by 2025 and one trillion yuan by 2030.

The plan specified goals for AI development, including the creation of an open and coordinated system for AI sci-tech innovation, fostering a high-end intelligent economy, building a safe and convenient society, as well as the upgrading of infrastructure for internet, big data and computers.

Government finance and the market will play their roles in supporting the AI industry while social capital is encouraged to help develop the industry, according to the plan.

This was part of a broader plan as China strives to encourage technological innovation and boost its manufacturing capacity to move up the value chain.