CX Daily: China’s AI Charge Part 4: Striking a Balance Between Ethics and Innovation
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AI?/
With great power comes great risks. While the fear that AI could take over human jobs is the foremost concern for many, organizations are already?facing a host of challenges.
Ethical and social risks associated with generative AI models are a major issue,?said Wang Yonggang, dean of the AI Institute at Sinovation Ventures. The internet is flooded with AI-generated photos, videos and audio files, contributing to growing concerns of their use in fraudulent activities. Meanwhile,?fake websites and applications comprising AI-generated text and relevant keywords could be used to obtain fake ad clicks and manipulate search engines and app store rankings.
Regulators?/
China?appointed Li Yunze,?a seasoned banker and current vice governor of Sichuan province,?to lead its?newly established national financial regulator, according to an official announcement Wednesday.
Li was named Communist Party chief of the State Administration for Financial Regulation (SAFR), according to the announcement published by the China Banking and Insurance Regulatory Commission (CBIRC).
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Flood?/
Torrential downpours have?battered much of China?since last week, triggering flooding that has affected more than half a million residents in one province alone and forced tens of thousands to evacuate.
Since May 2, many areas in eastern and central China have experienced the heaviest rains of the year,?state broadcaster CCTV reported.
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BYD?/
Chinese electric-car giant?BYD Co.?got a green light?from regulators to take over a insolvent online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. with plans to turn it into an auto insurance provider.
The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD’s 100% acquisition of?E An Property & Casualty Insurance Co. Ltd.?Chinese authorities seized the company three years ago.
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Trade?/
领英推荐
China’s export markets have?diverged?over the past few months,?with strong growth in Southeast Asia, Africa and Russia?countering a softening in some of the country’s top destinations — notably the U.S. and the EU.
The Association of Southeast Asian Nations (ASEAN) was China’s largest trading partner, accounting for 15.5% of total trade, and its second-largest export market behind the U.S. in 2022. In the first quarter of this year, shipments surged 17.9% year-on-year in dollar terms and in March alone jumped 35.4%.?But the pace of gains sank to 4.5% in April, turning into a major drag on China’s overall export growth.
Autos?/
Automakers in China watched as?sales picked up speed?in April as the ongoing price war has cooled, leaving consumers keener to buy following a sluggish first quarter.
The industry reported some big growth numbers for last month, with domestic sales for passenger cars rising 55.5% year-on-year to 1.63 million vehicles, exports jumping 227% to 300,000 vehicles?and overseas shipments of new-energy vehicles (NEVs) surging more than tenfold,?according to data released Tuesday by the China Passenger Car Association (CPCA).?
LinkedIn?/
LinkedIn became the latest U.S. tech operation to?significantly downsize?its business in China, citing “fierce competition and a challenging macroeconomic climate.”
The Microsoft-owned social media platform for professionals?will shut down its local jobs app in China Aug. 9?and cut 716 positions globally,?including 174 in China,?LinkedIn said Monday.
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Quick hits?/
Long Read?/
Ding Liren made history as the country’s first male world champion, winning 2.5-1.5 in a tiebreaker match against Russia’s Ian Nepomniachtchi at the 2023 International Chess Federation World Championship last month in Astana, Kazakhstan. Born in 1992 in Wenzhou, an esteemed ‘chess city’ in East China’s Zhejiang province, Ding rose to fame in 2009 as China’s youngest national chess champion at the age of 17
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