IBM Partners with Shanghai to Build First AI Innovation Center in China

IBM China signed an agreement with Shanghai Zhangjiang Group on October 25 to build the first Watson Build Artificial Intelligence (AI) Innovation Center in China through a three-year partnership, in a bid to cultivate AI talent and accelerate AI applications. Located on the Zhangjiang Science City in Pudong New Area, a hub for the AI industry, the Watson Build AI Innovation Center plans to serve 500 domestic and foreign companies and incubate 30 to 60 innovative development results such as IP and patents within three years. In terms of personnel training, the innovation center will train at least 500 people annually. The cooperation is based on a memorandum of understanding signed by the two parties during the World Artificial Intelligence Conference held in Shanghai in August when Shanghai issued a three-year action plan to boost the development of its AI industry to build itself into an AI highland by 2021.

Procedures Streamlined for Business

China will continue to improve the ease of doing business, said a senior finance official on October 25. "We will further streamline procedures, reducing time and costs," Yu Weiping, vice-minister of finance, said at a news conference. China’s overall ranking in the World Bank Group’s Doing Business 2020 study surged to the 31st spot this year, from 46th a year ago and 78th in 2017. In recent years the country has taken bold measures, such as easing the setting up of businesses, tax reductions, the protection of IP and the expansion of market entry, to encourage investment from domestic and foreign enterprises. The State Council, China’s Cabinet, approved a regulation on October 23 to further improve the country’s business environment and open up its economy. Wang Chunying, spokesperson and chief economist of the State Administration of Foreign Exchange, said on October 25 that the administration will implement 12 measures to facilitate cross-border trade and investment in an effort to deepen the reforms to streamline administration and optimize government services, as part of the country’s supply-side structural reform in the financial sector.

Association Founded for Financial Services

A financial intellectual property association was founded in Shenzhen on October 28, exploring new service modes to facilitate commercialization of IP assets. The founding companies cover various financial sectors, such as banking, insurance, securities and venture capital. The association will make full use of blockchain and artificial intelligence technologies to support IP-based services, including financing, equity investment, insurance and securities.