News Report Technology
December 05, 2023

Shanghai Invites Microsoft to Promote AI Tech Advancements in the City

China Asset Management Partners with HashKey Exchange and Hamsa to Promote Web3 in Hong Kong

During a meeting with Microsoft President and Vice Chair Brad Smith, Shanghai’s Communist Party Secretary, Chen Jining, expressed the city’s interest in Microsoft promoting artificial intelligence (AI) technology to enhance local businesses. 

Shanghai authority additionally indicated the city’s openness to potential collaboration with Microsoft in studying technology-related governance frameworks and standards.

Currently, Microsoft provides more than twenty AI products in the People’s Republic of China. The company also supports the development of AI software and applications at local research campuses. Furthermore, thousands of Chinese employees are engaged in the work within the company. This commitment from Microsoft contributes significantly to the advancement of China’s AI expertise.

In 2014, Microsoft became the first foreign company to provide public cloud computing services in the Chinese market. In March of this year, the company announced its plans to integrate OpenAI into its suite of cloud services in the region.

Shanghai Accelerates Focus on AI

In recent years, Shanghai has heightened its focus on advancing its AI sector, experiencing significant growth in the scale of its AI industry. The combined output value of AI enterprises in the city exceeded $42.73 billion in 2021.

Shanghai also has strategically identified AI as one of its three key industries for concentrated development, alongside integrated circuits and biomedicine.

Recently, the city initiated an investment fund, supported by the National Social Security of China, with an initial capitalization of $707 million, aimed at fostering innovation in the region, specifically focusing on artificial intelligence, biopharmaceuticals, and new energy vehicles.

With a vision set for 2030, China aims to lead in global AI. This ambitious goal involves surpassing the United States in technological advancements and securing a dominant position in global innovation and cognition.

Shanghai’s determination towards promoting AI technology for local businesses by collaborating with Microsoft emphasizes China’s commitment to pursuing its goals in global AI leadership.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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