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Science & Tech

AI, green development to empower global economic growth: leaders

May 14, 2024 4:15 PM IST

AI | green development | global economic growth

The fast-evolving sectors of artificial intelligence (AI) and green development can serve as major new growth engines to drive the global economy forward, according to attendees at the 2024 Global Trade and Investment Promotion Summit in Beijing on Monday.

The summit was held under the theme of “Mutual Trust and Cooperation: Navigating through Profound Changes” and was organized by the China Council for the Promotion of International Trade (CCPIT). Representatives from both trade and investment promotion agencies and the global business community reached a series of consensuses following extensive discussions.

The gathering saw the release of the ‘Beijing Initiative’, which proposed to advance AI exchanges and cooperation in embracing the transformative force of AI, foster green and low-carbon development, and nurture mutually-beneficial and win-win business partnerships.

Business leaders and foreign officials at the event shared their insights about AI and green development, and say that these areas should be properly harnessed so as to fully unleash their economic and developmental potential.

“I think the world has experienced some economic difficulties, but the approach from China has been very positive, it’s trying to reduce protectionism globally. So, I think what we’re hoping for is that (the Chinese approach) can be seen in other countries as well, and we can collectively work towards a situation where we’re using all of the innovation and the innovative-driven tech, AI, photovoltaic product space, and sort of trying to use that for our benefit as well,” said Edward Allison-Wright, chair of the Board of Directors’ Executive Committee of the World Trade Centers Association.

In terms of green and low-carbon development, Marco Balarezo, the Peruvian Ambassador to China, dismissed the notion that so-called Chinese “overcapacity” in the new energy sectors is harmful to the global market, saying that the rising demand for electric vehicles means that production simply must increase.

“It seems to me there is no ‘overcapacity’ at all. The demand for EVs is increasing so much that even the production of electric cars is not enough to cover the demand. And the prediction in the future is even higher, no? So I don’t think there is any ‘overcapacity’ at all,” said Balarezo.

Meanwhile, other officials pointed out how more countries are willing to embrace the power of AI technology, build diversified application scenarios, and do more to promote intelligent, green and low-carbon industrial development.

“In the innovation and new sectors, new economic segments, we have a higher speed, more interest,” said Lorenzo Riccardi, chairman of the China-Italy Chamber of Commerce, as he explained how these newly-developing industries are becoming more appealing to investors.

(Reuters)

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