MIIT: The value of China’s core artificial intelligence industry surpasses $60 billion, with over 3,000 companies

By Greg Gao

The value of China’s core artificial intelligence (AI) industry has surpassed RMB400 billion (about $ 60 billion); The number of AI enterprises has exceeded 3,000, a Ministry of Industry and Information Technology (MIIT) official told an industry conference in northern China’s Tianjin on July 26.

Chinese AI firms have made essential breakthroughs in key technologies such as intelligent chips and open source frameworks. The official added that the innovation capabilities of key smart chips, devices, and robots have continued to increase, Wang Wei, director of the Planning Department of the MIIT.  

In the past ten years, the export value of technology-intensive mechanical, electrical and other high-tech products in China has increased from RMB7.4 trillion ($1.1 trillion) and RMB3.8 trillion (563 billion) in 2012 to RMB12.8 trillion($1.89 trillion) and RMB6.3 trillion ($933 billion) in 2021, respectively. 

China’s intermediate goods trade accounts for about 20% of the world’s total, and the number of industrial and information technology brands listed in the world’s top 500 brands has increased from 10 in 2012 to 24, Wang added.