00:00Wayne Xiong is the co-founder and venture partner at China Growth Capital.
00:06Ultimately it's because of the talents, right?
00:09If you are following all the trending tweets on X platform and then there's a pretty famous one circulating circle that 50% of developers are Chinese.
00:20And if you look at the pictures they've taken at the X headquarters.
00:24And so I think China is supplying at least 50% of the talent in the AI industry.
00:29And at least 50% of those talents will be in China.
00:33So that's the foundation, that's the beta for the industry.
00:37And we're now seeing AI come into even traditional industries, aren't we?
00:41How do you think it's contributing to China's broader economic development?
00:46Yes, absolutely.
00:47I think the biggest contribution AI could bring is for traditional sectors, especially when it comes to manufacturing.
00:54If you look at those kind of dark factories, I'm not sure whether you've visited any of those OEMs, the car factories in China.
01:02And it's highly automated.
01:04It's probably 90% automated using industrial robots.
01:08And AI is exactly applying its power into the traditional manufacturing lines.
01:14And I think that's the biggest benefit for China.
01:18And the government's really got behind AI, hasn't it, launching funds and policies to help boost it forward.
01:25How effective is that, do you think, in supporting innovation and tech startups?
01:29Absolutely.
01:32China itself is the largest VC.
01:34It's probably the largest in the world.
01:38And that's the same way China is developing its own high-speed train system and the telecommunications, the 5G systems,
01:47and the new energy, the wind, and the solar panel systems.
01:52And that's the same approach China has been using for the past 20 years.
01:56And AI is just another frontier.
01:57How important has self-sufficiency, if you like, been for these AI companies, especially in the face of tech restrictions?
02:07I think China, or overall, has stepped over the hurdle right now.
02:12And if you see the recent release of 820 by NVIDIA, well, they claim that China already has the equivalentship.
02:20I think that's what industry has been busy for the past three to five years.
02:24And in the next coming, probably 18 months or 20, 24 months, I think China will be quite self-sufficient in terms of high-end manufacturing of those GPU chips.
02:35Let's say 20 to 26 years.
02:37So please take the difference.
02:39Okay.
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