Beijing’s AI industry will surpass $412B in 2024, whitepaper reveals

Beijing’s artificial intelligence (AI) industry has been predicted to surpass 3,000 billion yuan (approximately $412 billion). The whitepaper was released by the Chinese Congress on Artificial Intelligence at an event held in the Chinese headquarters from Friday to Sunday. The figure represents a 12% year-on-year increase. 

According to the whitepaper, more global powers are rivaling China in terms of AI strategies. The report highlights breakthroughs in generative AI and large models in the AI industry being led by the United States and China, with others trying to catch up.

Beijing ramps up its AI adoption strategies 

The report highlights Beijing’s moves in pushing the adoption of AI, recording significant achievements in the sector. The capital is currently leading in terms of scholarly output, AI talent recognition, and published research in fields related to AI.

Presently, the number of universities offering AI-related courses has now increased to 30, in addition to the 20 colleges and institutes that were initially launched. Also, about 32 universities now offer courses where students can earn master’s or doctoral degrees in artificial intelligence.

Aside from formal education, Beijing also houses platforms that offer numerous national AI technology and industry, with other laboratories in the city still under construction. The whitepaper revealed that Beijing’s artificial intelligence industry grew rapidly in 2024, with the city housing about 2,400 AI enterprises. The number represents 9% year-on-year growth in the ventures.

There are now 46 publicly listed AI companies in Beijing, boasting a cumulative value of more than 4.3 trillion yuan ($591 billion). Its unicorn firms are now up to 36, a figure representing half of the total unicorns in the country.

Social financing in Beijing is also ahead of every other place in the country, with more than 320 billion yuan ($44 billion) raised across the first three quarters of 2024. The figure represents an 84% year-on-year increase, signifying the rapid rise in social financing in the capital. Also, the region boasts 94 large models, a figure that adds 40% to the entire country’s total.

The report highlights the fast-paced increase Beijing has witnessed over the last few months, crediting its knack for competition.

Ongoing investments and areas of implementation 

The whitepaper also highlights the various investments made by Beijing in several key areas. The areas include mainstream technologies like large language models, seeing results that are on par with global standards. Beijing is also involved in disruptive technologies, exploring technologies like brain-inspired intelligence and photonic computing to put it at the forefront of the next wave of AI development.

In allocating resources, Beijing is making its computing infrastructure efficient with global standards. The region is presently constructing several computing centers to cater to their needs. The AI industry fund has also allocated 20 billion yuan (2.7 billion) to the project in 2024, with the project attracting an additional funding of 83 billion yuan ($11.35 billion).

Beijing is also trying to implement applications to focus on areas that will promote the adoption of specialized models. 25 primary and secondary schools have launched AI pilot programs, with a national level large model under construction in Beijing. In addition, several industries, including healthcare, public service, culture, and finance are conducting AI trials.

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