CX Daily: The Opportunities and Roadblocks Facing China’s AI Models
TOP STORIES
AI?/
Since Beijing lifted the floodgates for Chinese firms to launch their artificial intelligence (AI) services, the momentum for homegrown large language models (LLMs) offerings?has accelerated,?with the number of releases this year surpassing that of U.S. counterparts.
Among the first large AI models to get the green light from Beijing are those developed by some of the country’s biggest tech firms including?Baidu Inc.,?Alibaba Group Holding Ltd.?and Tencent Holdings Ltd., according to company announcements. ?
Li Keqiang?/
The remains of late former Premier Li Keqiang?will be cremated?in Beijing on Thursday, state media reported. Li died on Friday after suffering a heart attack in Shanghai. He was 68.
National flags will fly at half-mast on Thursday?at sites including Tiananmen Square in Beijing, official buildings of local government and party committees across the country, as well as Chinese embassies and consulates overseas, the official Xinhua News Agency reported Tuesday.
Li’s body was flown to the capital from Shanghai on the day he died, Xinhua reported. ?
FINANCE?&?ECONOMY
China-U.S.?/
California Governor Gavin Newsom?said?a “divorce” between the U.S. and China is not an option, during a weeklong visit to China that wrapped up Sunday,?expressing hopes to take the collaboration momentum that he gained during the trip back home with him.
“I came with a mindset that is framed in the capacity that your success here in China is our success in the United States and globally,”?Newsom said during a media event at the U.S. Embassy in Beijing on Oct. 27, amid signs of stabilizing ties between the world’s two largest economies. ?
Yuan?/
The yuan became the?second-most used currency?in the global trade finance market in September, surpassing the euro for the first time since the data started being available some six years ago, according to a monthly tracker of the Chinese currency released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
The yuan’s share of global trade finance climbed to 5.8% in value last month from 4.82% in August,?whereas the share of the euro dropped from 6.43% to 5.43%, the most recent tracker, released by SWIFT Oct. 18, showed. SWIFT data on the value of the yuan used in global trade finance date back to June 2017, when its share was 1.88% and the euro’s was 7.97%. ?
Pensions?/
A trial of China’s private pension scheme looks?set to be extended to?more regions as policymakers step up efforts to expand the retirement savings market amid a rapidly aging population.
A number of banks,?including Industrial and Commercial Bank of China Ltd. and Huaxia Bank Co. Ltd.,?have launched private pension services for customers outside of the three dozen pilot cities and regions, recent announcements on their social media accounts show. ?
领英推荐
Quick hits?/
BUSINESS?&?TECH
Shein?/
Chinese-founded fast-fashion retailer?Shein?acquired?British online fashion brand?Missguided from Frasers Group Plc,?as the Singapore-based fashion giant continues to expand overseas.
Under the deal, Shein and Missguided’s founder Nitin Passi have formed a joint venture to manage the brand and access its intellectual property under a licensing agreement. Shein will also manufacture Missguided’s products through its on-demand production model, and sell on both companies’ websites, Shein said in a statement. ?
Airlines?/
China’s three largest state-owned airlines?reported?their first quarterly profit in three years thanks to a recovery of domestic air travel during the summer and the mid-autumn festival in late September.
Air China Ltd.?swung to a net profit of 4.24 billion yuan ($580 million) in the third quarter from a net loss of 8.67 billion yuan a year ago.?China Eastern Airlines Corp. Ltd.?reported a net profit of 3.64 billion yuan compared with a net loss of 9.38 billion yuan a year ago.?China Southern Airlines Co. Ltd.?swung to a net profit of 4.2 billion yuan from a net loss of 6.1 billion yuan. ?
Electric cars?/
Neta Auto?cars?will be available?in the United Arab Emirates (UAE) from next year, the Chinese electric vehicle (EV) maker said?as it joins peers in expanding into the lucrative Middle East market.
The electric car brand of Hozon New Energy Automobile Co. Ltd., Neta Auto, has partnered with UAE car dealer EIH Automotive & Trading to bring its flagship models to the major importer of Chinese cars, according to a statement published Monday. ?
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Tech Insider?/
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GALLERY
The weekend ahead of Halloween, revelers flocked to the bustling Huangpu district, donning colorful ensembles to mark the holiday. Partygoers dressed up as their favorite cultural icons, taking part in costume shows, and parading the streets.