Asia Tech Wire (July 5) -- CICC, China's largest investment bank, expects China's investment in the AI industry to total 10 trillion yuan ($1.4 trillion) in the next six years.

Speaking at the investment and financing forum of the 2024 World Artificial Intelligence Conference in Shanghai on Friday, CICC Chairman Chen Liang said AI, as a representative of the new quality productive forces, will provide an important impetus for Chinese-style modernization.

CICC estimated that the market demand of China's AI industry will reach 5.6 trillion yuan by 2030, and China's total investment in the AI industry between 2024 and 2030 will exceed 10 trillion yuan.

Chen said that the development of science and technology needs financial support, and artificial intelligence as a cutting-edge science and technology fields, especially need to rely on multi-level capital market to form a benign cycle of "science and technology - industry - finance".