China AI Stocks Surge

Chinese AI stocks experienced a boost following President Xi Jinping's visit to Shanghai's AI innovation centre. Xi Jinping's visit underscores China's ambition in AI, urging Shanghai to lead in AI development and governance. He highlighted AI's rapid evolution and potential for explosive growth, emphasising the need for policy support and talent cultivation. Shanghai's AI industry has already surpassed 400 billion yuan in 2024, with projections indicating substantial growth in the coming years. The Shanghai Foundation Model Innovation Center, established in 2023, has attracted over 100 enterprises and is a key incubator for AI startups. China aims to become a global AI hub, fostering tech innovation and high-quality global cooperation. China is rapidly closing the gap with the United States in AI model development. China topped global rankings with over 38,000 generative AI patent applications between 2014 and 2023.