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How automation will affect China?

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How automation will affect China?

McKinsey estimates that automation could push 375 million workers to switch occupations by 2030. For China, automation could displace up to a fifth of all manufacturing jobs, forcing nearly 100 million workers (12 percent of the total labor force) to find new work.

How is China automated?

China has rapidly become a global leader in automation. From 2018 to 2020, a sales increase between 15 and 20 percent on average per year is possible for industrial robots.

What is China doing with AI?

In July 2017, The State Council of China released the “New Generation Artificial Intelligence Development Plan” (新一代人工智能发展规划). This policy outlines China’s strategy to build a domestic AI industry worth nearly US$150 billion in the next few years and to become the leading AI power by 2030.

Does China have industrial growth?

China has continued its rise as an industrial power through the present day. It is now the leading industrial power in the world in terms of output, in 2016 producing $4.566 trillion worth of industrial yield. This rapid increase, is in large part attributed to a number of factors.

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How will automation affect the global economy?

For example, the Nobel laureate economist Christopher Pissarides and Jacques Bughin of the McKinsey Global Institute argue that higher productivity resulting from automation “implies faster economic growth, more consumer spending, increased labor demand, and thus greater job creation.”

How will automation affect economies around the world?

Automation enables firms to produce goods for lower costs. Automation leads to significant economies of scale – important in industries which require high capital investment. Automation enables firms to reduce number of workers, and this limits the power of trades unions and potentially disruptive strikes.

Does China use AI?

China Is Still the World’s Factory—And It’s Designing the Future With AI. After overtaking the U.S. in 2014, China now has a significant lead over the rest of the world in AI patent applications. In academia, China recently surpassed the U.S. in the number of both AI research publications and journal citations.

Will China be the AI superpower?

As China’s position advances, it is capable of becoming the AI superpower. Earlier, China’s contribution to the global share of research papers in the field of AI was 4.26\%, which now jumped to 27.69\%. These staggering numbers imply that China has left every country behind, even the United States.

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Who is leading the world in AI?

China’s global share of research papers in the field of AI has vaulted from 4.26\% (1,086) in 1997 to 27.68\% in 2017 (37,343), surpassing any other country in the world, including the U.S. — a position it continues to hold. China also consistently files more AI patents than any other country.

How did China promote industrialization?

Rapid agricultural growth spurred by these rural reforms provided surpluses, both in capital and labor for industrialization. Different from previous urban based and heavy industry based strategy, China adopted the policy of promoting light and labor intensive industries in rural areas.

What is the biggest industry in China?

The 10 Biggest Industries by Revenue in China

  • Copper Ore Mining in China.
  • Building Construction in China.
  • Real Estate Development and Management in China.
  • Online Shopping in China.
  • Mail-Order & Online Shopping in China.
  • Residential Real Estate in China.
  • Bridge, Tunnel and Subway Construction in China.

What is the future of the Chinese market for industrial automation?

The Chinese market for Industrial Automation is growing much faster than other sectors of the Chinese economy and will almost double within the next five years, according to our estimations. 2. The market share of Chinese automation technology vendors has been growing continuously during recent years.

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What is the CAGR of the china factory automation and ICs market?

The China Factory Automation and ICS Market is growing at a CAGR of 9.8\% over the next 5 years. Who are the key players in China Factory Automation and ICS Market?

Is China ready to embrace automation or be left behind?

Now, the impetus is greater than ever to embrace automation or be left behind. China has become the world’s largest market for industrial robotics and the fastest-growing market worldwide, surging 21\% to $5.4 billion in 2019, while global sales hit $16.5 billion, according to the International Federation of Robotics in Frankfurt.

Does China rely too much on foreign know-how for automation?

China still depends strongly on foreign know-how in some areas of automation technology. Over the coming years, the country will rely more and more on domestic automation solutions, however. Companies, which are largely unknown outside her borders today, will shape this development.