Chinese President Xi Jinping Highlights the Transformative Impact of Blockchain and AI on Global Industries

September 7, 2023

By Sharan Kaur Phillora

In a recent address to the 2023 China International Smart Industry Expo, Chinese President Xi Jinping accentuated the transformative effects of emerging technologies—including the internet, big data, cloud computing, artificial intelligence (AI), and blockchain—on global industries and individual lifestyles.

Here’s what we know: 

Xi’s comments, cited in a ChainCatcher report, emphasize that these cutting-edge technologies catalyze digital, intelligent, and eco-friendly transformation across various sectors. “The intelligent industry and digital economy are thriving, fundamentally reshaping the global resource allocation, industrial paradigms, and the way people live,” Xi remarked.

China has strategically focused on nurturing its digital economy. The country has been vigorously promoting the symbiosis of digital technologies with its traditional economic sectors. The plan encompasses the collective promotion of digital industrialization and sector-specific digitization, aiming to establish China as a “network powerhouse” and a global leader in the digital landscape.

Xi Jinping’s observations are particularly pertinent when digital technology is profoundly influencing the international landscape. China, as a dominant actor in AI and blockchain, is positioned to set global benchmarks and practices, thereby impacting markets and industries worldwide.

According to the China Academy of Information and Communications Technology (CAICT), China constituted nearly 21% of the global digital economy as of 2021. Investments in AI and blockchain have been robust, with a notable $12.4 billion poured into AI initiatives in 2020 alone, according to data from China’s Ministry of Science and Technology.

While Xi’s statements are bullish on the potential of emerging technologies, it’s crucial to situate these developments within a broader framework. The rapid pace of digital transformation comes with its set of challenges, including data privacy and the risk of widening the digital divide between different communities.

Xi Jinping’s latest message is a pivotal indicator of China’s focus on digital technologies, shaping its future and significant influence on global economic and industrial dynamics.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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