Updated 11:29 AM EDT, Tue, Jun 16, 2020

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China’s Artificial Intelligence Sector Could be Worth 100 Billion Yuan by 2018

China Artificial Intelligence

(Photo : VCG/VCG via Getty Images) Technicians of Tianjin Deepfar Ocean Technology Co., Ltd., tests a new developed Underwater Unmanned Vehicle which is named 'White Shark Max' in water on March 28, 2016 in Tianjin, China.

For the next three years, China will be ramping up the development of its artificial intelligence (AI) sector as it aims to establish a lucrative market that could be more than 100 billion yuan ($15.26 billion).

This, according to a statement released by the National Development and Reform Commission through its website last Monday.

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Based on the Central Government's three-year implementation plan for its "Internet Plus" artificial intelligence program,  China will create platforms for fundamental AI resources and innovation, and work towards achieving breakthroughs on basic core technology,

The plan is a collaborative effort of the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, and the Cyberspace Administration of China.

Through these efforts, China's artificial intelligence sector seeks to be at par with its global competitors by 2018.

To achieve this goal, the country's AI industry leaders will hook up with leading AI companies around the world, and work towards building an innovative, open, cooperative, green and safe AI industrial ecology.

Moreover, China will focus on developing emerging artificial intelligence industries, promoting innovation in intelligent products, and enhancing the level of intelligence of terminal products.

Specifically, the "Internet Plus" program hopes to further enhance China's intelligent home appliances, smart automobiles, intelligent unmanned systems, intelligent wearable devices and robots.

As an incentive, the Chinese government will provide financial support and intellectual property protection to industry players, as well as hone their talents and help link them with their international counterparts.

As a strategy to boost China artificial intelligence sector,  China launched its "Internet Plus" strategy last year to integrate mobile internet, cloud computing, big data and the Internet of Things with the nation's traditional industries, and consequently, fuel the country's economic growth.

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