The Belt and Road Global Chambers of Commerce and Associations Conference (GCCAC) was held in Beijing on 30 October. More than one thousand representatives of government agencies and trade associations, experts and scholars from more than 60 countries and regions across the world gathered at GCCAC to exchange views on international collaboration under the Belt and Road Initiative.
Organised by People’s Daily, Global Times, JingData and Chuangkemao, GCCAC & Presidents Conference was also held on the same day. Representatives from public and private sectors and the media engaged in a dialogue on the new economy and new technologies.
Dr. Chao He, Director of Wisers AI Lab and Chelsea Wang, Media Management Director were invited to attend the GCCAC. Dr. He was also invited to the roundtable discussion entitled “New Economics: How to Distinguish between Risks and Opportunities”. Other participants of the roundtable included Xiaofeng Ren, Chairman of the China Guo Yun Culture Group; Gary Yang, Co-founder of Skysaga Capital; Peng Wang, General Manager of CF Capital; Frank Chang, General Manager of PurpleSky Capital; Yao Li, Partner of Tsing Ventures, Chai Yuan, CEO of JingData and other industry elites.
Dr. He discussed the entrepreneurship environment for the AI industry, saying that AI entrepreneurs should avoid following the herd. Instead, they should seek advancement through having sufficient grasp over technologies and clear understanding of AI, as well as the ability to apply AI to different scenarios. He also added that entrepreneurs should set their eyes beyond IPO. Technology, data and AI have become increasingly important in the new economy. In addition to investing in AI, investors should explore business opportunities with the use of AI technology, as analysing media data could lend insights into macroeconomics, industrial development, corporate performance, and consumer trends. The AI-powered Business Forecast Model can help investment institutions and companies beat rivals and be the first to access and apply valuable comprehensive information to understand the macro-environment, the investment market and competitors, thus allowing them to seize business opportunities, manage risks and map out sales plans to maximize their ROI.
As to how traditional companies can transform into new economy companies, Dr. He said that for both traditional and new economy companies, efficient and sustainable innovation is the key to maintaining long-term growth. He also advised traditional companies to objectively and systematically analyze and evaluate the industry characteristics before making decisions to maximize their advantages. When traditional enterprises are ready in terms of data storage, data quality management, talent recruitment, innovation system and new economic management, they will surely see their advantages amplified and embrace new growth.
When asked about his views on the recent M&A spree in the cultural and entertainment industries, Dr. He cited the experience and development of Wisers as an example, pointing out that the integration of cultural resources is an inevitable trend. In the past, Wisers mainly relied on text data to provide business intelligence service, which only called for natural language processing and semantic analysis. With the development of social network that has given rise to an explosive growth of multimedia data Wisers is also expanding its image and video database, which calls for more investments in image recognition and analysis technologies. He added that the integration of media and data resources could create significant commercial value.
Participants showed great interests in Wisers AI Lab at the GCCAC. They were keen to ask questions about the features and applications of Wisers AI Lab in the investment market. Wisers experts shared their insights with participants, saying that capital has been pouring into related fields of the new economy, and companies should leverage new technologies to develop their own core competitiveness, so as to become more immune to risks and seize more opportunities.
Big data and AI have boosted the development of the new economy across the world, creating both opportunities and challenges for companies. Companies can only stand out from competitors by taking data as their assets and leveraging AI in their value-generation and decision-making processes.