China announced in 2017 its ambition to become the world leader in artificial intelligence (AI) by 2030. While the US still leads in absolute terms, China appears to be making more rapid progress than either the US or the EU, and central and local government spending on AI in China is estimated to be in the tens of billions of dollars. The move has led – at least in the West – to warnings of a global AI arms race and concerns about the growing reach of China's authoritarian surveillance state. But treating China as a "villain" in this way is both overly simplistic and potentially costly. While there are undoubtedly aspects of the Chinese government's approach to AI that are highly concerning and rightly should be condemned, it's important that this does not cloud all analysis of China's AI innovation.

China announced in 2017 its ambition to become the world leader in artificial intelligence (AI) by 2030. While the US still leads in absolute terms, China appears to be making more rapid progress than either the US or the EU, and central and local government spending on AI in China is estimated to be in the tens of billions of dollars.

China announced in 2017 its ambition to become the world leader in artificial intelligence (AI) by 2030. While the US still leads in absolute terms, China appears to be making more rapid progress than either the US or the EU, and central and local government spending on AI in China is estimated to be in the tens of billions of dollars. The move has led--at least in the West--to warnings of a global AI arms race and concerns about the growing reach of China's authoritarian surveillance state. But treating China as a "villain" in this way is both overly simplistic and potentially costly. While there are undoubtedly aspects of the Chinese government's approach to AI that are highly concerning and rightly should be condemned, it's important that this does not cloud all analysis of China's AI innovation.

China announced in 2017 its ambition to become the world leader in artificial intelligence (AI) by 2030. While the US still leads in absolute terms, China appears to be making more rapid progress than either the US or the EU, and central and local government spending on AI in China is estimated to be in the tens of billions of dollars. The move has led – at least in the West – to warnings of a global AI arms race and concerns about the growing reach of China's authoritarian surveillance state. But treating China as a "villain" in this way is both overly simplistic and potentially costly. While there are undoubtedly aspects of the Chinese government's approach to AI that are highly concerning and rightly should be condemned, it's important that this does not cloud all analysis of China's AI innovation.

By Hessi Elliot /The Conversation/ – China announced in 2017 its ambition to become the world leader in artificial intelligence (AI) by 2030. While the US still leads in absolute terms, China appears to be making more rapid progress than either the US or the EU, and central and local government spending on AI in China is estimated to be in the tens of billions of dollars. The move has led – at least in the West – to warnings of a global AI arms race and concerns about the growing reach of China's authoritarian surveillance state. But treating China as a "villain" in this way is both overly simplistic and potentially costly. While there are undoubtedly aspects of the Chinese government's approach to AI that are highly concerning and rightly should be condemned, it's important that this does not cloud all analysis of China's AI innovation.

The process of discovering and developing a new drug typically costs $2-4 billion, takes 10-12 years and fails more than 95% of the time either in clinical trials or while going through the approval process.

Last week this space saw much of the largest fintech funding rounds taking place outside the U.S. That trend continues this week, with some San Francisco-grown AI thrown into the mix. This week we witnessed a major push forward in the process of collaboration between financial institutions (FIs) and startups. This week's top fundraising company was part of a startup accelerator based in Hong Kong. We also found a company creating artificial intelligence capable of accurately and reliably predicting stock market trends.