Business
Digital transformation led by AI products is increasingly becoming an engine of sustainable economic growth, with China's GDP expanding 4.5 percent year on year in the first quarter of 2023.
Chinese tech giants Baidu and Alibaba both launched large language models, looking to capitalize on this latest round of digital innovation.
"New AI technologies in this era will not only create innovative user experiences, but also bring about big changes to the way we work and live," said Zhang Yong, CEO of Alibaba Group.
China's digital economy saw continuous growth in March as major digital industries were up 4.1 percent year on year, or 7.3 percent higher than the whole of last year.
According to the state taxation administration, data-driven businesses and digital tech industries grew 24.5 percent and 19.8 percent respectively from a year ago.
Industry insiders pointed out digitization and intelligent technologies including cloud computing models and AI assistants are empowering China's major enterprises, SMEs and startups domestically and globally.
At the end of last year, 11 Chinese tech companies were on the list of the 30 most valuable Internet companies globally, ranking just below the United States. Innovation initiated by this sector is creating opportunities, encouraging changes, and improving employment.
"The innovationss based on AI models have been used by many small and medium-sized enterprises across China. From a dry fruit producer in southeast China's Fujian to a smart car company in central China's Hubei, digital tech is leading the transformation," said Cai Yinghua, CEO of Alibaba Cloud Intelligence.
The value of China's digital economy reached over 7 trillion U.S. dollars last year, accounting for over 40 percent of the country's GDP.
Experts hope its role as an engine of economic growth will continue to strengthen.