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China a key player in future innovative technologies: UBS

Updated: Oct 26,2016 9:06 PM     Xinhua

BEIJING — China is set to be a key player in future innovative technologies, according to international investment banking group UBS.

The accumulation, utilization and application of big data will lead to the development of technological innovation in many fields, including artificial intelligence and financial technology, and bring significant investment opportunities, with China as a major player and market, said Amy Lo, Greater China head at UBS Wealth Management, on the sidelines of a technology CEO summit.

The world will see the growth of the internet user population rise by 2.5 billion in the next ten years, mostly driven by increases in China, India and other Asian countries, according to Hyde Chen, director of the chief investment office at UBS Wealth Management.

The rise of millennials will underpin the continuous growth of technological innovation, especially in China, which has about 415 million young people, who have increased spending power and a growing interest in services related to the sharing economy, augmented reality and artificial intelligence, Chen said.

Artificial intelligence is a key future trend that will impact the development of almost all sectors, according to Lo, who estimates the industry may soon see its revenue grew to $12.5 billion, more than doubling that of 2015.

The rise in artificial intelligence could impact 50 million to 75 million low-skilled jobs, but it will also offer more creative jobs and investment opportunities, Chen said.

China has the world’s largest online population and is the world’s largest industrial robots market, however, its population dividend is running out as the country faces the troubles that come with an aging population.

UBS expects more mergers and acquisitions to help Chinese IT companies to complement their competitiveness and expand into overseas markets and grow into global tech giants.