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China tech leaders claim 90 per cent of jobs could be replaced by AI

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cite image
The human-robot joint press conference held by Cite

Tech leaders in China believe 90 per cent of jobs in some sectors of the economy could be replaced with artificial intelligence systems. 

Speaking at a press conference ahead of the China Information Technology Expo, the experts said AI will be the main theme of this year’s event.

Cite 2017 will be held from April 9 to 11, 2017. Organisers held a press conference in Las Vegas, Nevada recently, at which they showcased the rising Chinese firms that will “lead the way” in the fields of AI, virtual reality and intelligent robots, the three themes that they expect will generate the most buzz at this year’s exhibition.  [Read more…] about China tech leaders claim 90 per cent of jobs could be replaced by AI

Four reasons why Trump will learn a Chinese Lesson on how isolationism never works

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By Edward Tse, Gao Feng Advisory

Donald Trump’s election as the next US president is generating a lot of speculation about US-China relations, especially in investment and trade. People are wondering what the implications will be for both Chinese and US companies.

We can look at this situation in several ways.

First, isolationism can never generate sustainable growth for any country. History has proven this over and over again. [Read more…] about Four reasons why Trump will learn a Chinese Lesson on how isolationism never works

US gives Midea green light to buy Kuka

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US approves Midea takeover of Kuka. Reuters/Wolfgang Rattay
US approves Midea takeover of Kuka. Reuters/Wolfgang Rattay

Reuters

China’s Midea said it will complete its takeover of German robotics maker Kuka in the first half of January after the United States authorities gave the deal a green light.

Midea, which launched a €4.5 billion offer for Kuka in May, said Germany’s markets regulator had approved the settlement of the transaction, allowing it to control a 94.55 percent voting stake in Kuka from January onwards.

The bid for Kuka, a high-tech robotics manufacturer, sparked controversy in Germany amid fears that key technologies were falling into foreign hands at a time when China protects its own companies against foreign takeovers.  [Read more…] about US gives Midea green light to buy Kuka

Industrial internet: Hannover Messe increases activity in industrial automation markets around the world

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Get your complementary ticket to Hannover Messe 2017

Whether it is referred to as the Industrial Internet or Industrie 4.0, digitalization is currently on the agenda in every major economy.

The approaches taken and the expectations raised are very different, as two new studies demonstrate.

“Around the world, digitalization of the economy is being approached from different angles,” explains Acatech president Henning Kagermann in the preface to the new Huawei survey, An International Comparison of Industrie 4.0.  [Read more…] about Industrial internet: Hannover Messe increases activity in industrial automation markets around the world

Industrial robot sales in China increase 20 per cent

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Sales of industrial robots in China have grown 20 per cent this year, according to research by two industry associations in the country. The automotive and electronics sectors were the two biggest buyers. 

As reported in the South China Morning Post, the GG Robotics Research Institute and the China Artificial Intelligence Robot Industry Alliance expects approximately 80,000 industrial robots to be sold on the mainland this year.

But Zhang Xiaofei, founder of the GG Robotics Research Institute, says growth is slowing.  [Read more…] about Industrial robot sales in China increase 20 per cent

‘Hong Kong’s angry youth can find hope in innovation and entrepreneurship’

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hong kong harbour

By Edward Tse, Gao Feng Advisory

It is no understatement to say that, over the past several years, Hong Kong’s youth have displayed increasing frustration.

What’s behind this? There is probably no single reason, but rather a variety of political, social and economic factors.

Hong Kong’s young people today live in a city that is very different from the one their parents grew up in. Hong Kong in the 1970s and 1980s was tough, but the city was growing and there were plenty of opportunities for young people. There was potential for upward mobility and young people working hard could build a better life for themselves.  [Read more…] about ‘Hong Kong’s angry youth can find hope in innovation and entrepreneurship’

Huge reboot: What Trump’s aversion to trade blocs could mean for the US robotics, automation and manufacturing industries

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The US automotive manufacturing industry is probably going through some angsty times right now, what with president-elect Donald Trump reiterating his campaign pledge to repeal or at least renegotiate the Trans-Pacific Partnership, the North American Free Trade Agreement, and any other free-trade deal previous administrations have signed up to. 

For a highly globalised industry like the automotive sector, which sources parts from all over the world and may assemble its vehicles in any number of countries simultaneously based on a common platform, this is perhaps one election promise which it would rather not be kept.

However, Trump has already produced a presidential address style video in which he says: “I am going to issue a notification of intent to withdraw from the Trans-Pacific Partnership, a potential disaster for our country.

“Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores.”  [Read more…] about Huge reboot: What Trump’s aversion to trade blocs could mean for the US robotics, automation and manufacturing industries

Yaskawa expands in China and makes plans for Brexit amid US-China trade talks

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Chinese President Xi Jinping met with US President Barack Obama discussed trade earlier this week, and agreed this was a crucial time for relations between the two nations amid growing areas of competition. 

One of the business sectors being contested is manufacturing, where advancements in the crucial technologies of robotics and automation could be the factor which decides which country is more successful.

China has embarked on an ambitious plan to transform the country from the low-wage, labour-intensive workshop of world into an advanced manufacturing nation, capable of developing its own high technology, in particular industrial robots and the internet of things.  [Read more…] about Yaskawa expands in China and makes plans for Brexit amid US-China trade talks

‘Chinese companies lead the way in fintech innovation’

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alipay

China-based investment expert Edward Tse, CEO of Gao Feng, says financial technology companies are thriving in China 

With the Chinese government keen to encourage innovation the fintech revolution is quickly gaining pace. Financial technologies companies backed by Chinese venture capital raised $2.4 billion in the first quarter of 2016, according to accounting firm KPMG.

This represented a 49 per cent share of global fintech investment in the period, bigger than that of North America and Europe combined.

Ant Financial Services Group, Alibaba Group Holding’s fintech affiliate, itself raised $4.5 billion in April, making it the largest round of funding for a fintech company in the world.  [Read more…] about ‘Chinese companies lead the way in fintech innovation’

China making ‘30 per cent more industrial robots’

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cctv propaganda

China made 30 per cent more industrial robots in the first nine months of this year compared to the same period last year, according to the Communist government’s propaganda outlet CCTV. 

CCTV quoted a “ministry of industry and information technology official”, who was speaking at the Shanghai Industry Fair last week, when providing the figure.

China is already thought to be the world’s largest market for industrial robots, but it wants to become a maker of the machines as well.  [Read more…] about China making ‘30 per cent more industrial robots’