China's AI ecosystem is changing real economy, says Li Kaifu

Artificial intelligence will bring about changes as fundamental as those enabled by electrification, argues Li Kaifu, Chinese artificial intelligence specialist and founder of the venture capital firm Sinovation Ventures. He says that China is leading in real-world applications of AI to businesses, factories and cities, and is catching up with the United States in basic research.

Li's technological optimism contrasts with a widespread pessimism about technology prevalent among thinkers from Silicon Valley.

For example, famed venture capitalist Peter Theil uses the slogan "We wanted flying cars, instead we got 140 characters" as the subtitle of his investment fund. In many interviews, he has explained that we've seen "innovation in the world of bits, but not in the world of atoms".