China not ready to dominate artificial intelligence? – China’s latest business and technology news

Over the last year, there have been a growing number of media reports on Chinese advances in artificial intelligence (AI), as well a state-led push to boost the industry. TechNode reports on a recent survey on the global distribution of AI talent. The results: “China lags far further behind than many had imagined.” The reports says:

• Half of China’s biggest AI employers are American firms;
• Many Chinese AI personnel are in academia rather than industry;
• China has about 50,000 people working in AI, compared to the U.S. with 850,000, and India with 150,000.

In related news, Reuters says that internet giant Baidu, one of China’s leading AI firms, will form a “7 billion yuan ($1 billion) private equity fund together with China Life Insurance Group, one of the country’s biggest insurers. The find will focus on “unlisted companies with ‘significant association;’ with China, in the internet sector, including mobile internet, artificial intelligence, and internet finance.”

For more on AI in China, listen to these Sinica Podcast episodes with Kai-fu Lee 李开复 and Andrew Ng.

• Foreign companies
  In China, the Party’s push for influence inside foreign firms stirs fears / Reuters
• Ecommerce
  China’s JD.com partners Qihoo in push to broaden sales channels / Reuters
• Gray rhinos (?)
  Lack of disclosures raises questions about who controls Chinese conglomerate / NYT (paywall)
• Germany
  Germany is trying to stop China from gobbling up its companies — but there may be a downside / CNBC
• Financial risk and regulation
  China issues draft rules in crackdown on illegal fundraising / Reuters
  China tells prosecutors to get tough on ‘financial ‘crocodiles’…and make it snappy / SCMP
  China is squeezing the wealth management product bubble / Bloomberg