China bets on local consumers to power its AI ambitions
AI-powered appliances, security systems and energy management are some of the ways by which Beijing hopes to boost consumption while advancing the tech frontier.
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Beijing is casting AI as a new engine of consumer spending.
PHOTO: AFP
On July 13, China published its first Five-Year Plan devoted entirely to consumption, laying out an ambitious blueprint to strengthen domestic demand as Beijing tries to rebalance an economy long driven by exports and investment.
The plan sought to boost both the supply of and demand for services, with measures ranging from extending museum opening hours and promoting boutique hotels and night-time tourism to expanding childcare, eldercare and health services, alongside higher incomes and stronger social safety nets.