According to the Global AI Competitiveness Index, China has become the world’s second strongest nation in artificial intelligence (AI) financial competitiveness, ranking just behind the United States. In addition, China is rated the strongest country in terms of translating AI capabilities into practical production applications.
According to a report by the South China Morning Post on the 28th, UK think tank Deep Knowledge Group released a report on the 28th showing that in the Global AI Competitiveness Index, China scored 83.41 points, behind the US’s 98.84 points but higher than the UK’s 78.26 points. Switzerland ranked fourth, followed by Singapore, Germany, Saudi Arabia, and India. The Index evaluated the AI capability and maturity of 20 countries and 15 city-level financial hubs.
As the world’s second largest economy, China’s performance in AI maturity within the financial sector is particularly outstanding, with AI being widely adopted in banking, insurance, fintech, and investment management, earning a high score of 90 points for this category. China also performed well in innovation ecosystem (80 points), as well as in talent, education, and R&D (76 points).
Deep Knowledge Group General Partner Kaminski stated that China is the strongest in the financial services sector when it comes to bridging the “last mile” of transforming AI capabilities into actual operational systems.
The UK think tank’s report points out that government support and market demand have jointly propelled the rapid growth of China’s financial AI capabilities. China has cumulatively invested US$269 billion (1.05 trillion ringgit) in AI start-ups, many of which are focused on fintech and blockchain applications. Data shows that there are currently 2,065 AI enterprises in China dedicated to the financial sector.