By Chanmolika Seng
China’s new “dual circulation” development paradigm is tremendously reshaping its fast growing industrial system, in particular the advancement of independent innovation capabilities and the breakthrough of core technology. Many countries are competing in this emerging sci-tech revolution, which has significantly driven one’s economic growth. China, the world’s second largest economy, has been striving to transform itself into the fastest tech-innovation nation. China strives to promote its technology industry to the international market and to become an important and dynamic actor on the world stage. Meanwhile, Chinese firms are increasingly utilizing more and more Artificial Intelligence (AI) innovation in their business models.
Founded in early 2000, Baidu is a world-leading AI company with a dynamic focus on technology and innovation. Baidu first launched its platform as a search engine, responding to billions of search queries from more than 100 countries every day. After becoming one of the only four countries to introduce search engines, Baidu kicked off its AI capability development in 2014. It then developed AI voice, images, knowledge graph, and natural language processing. In 2016, Baidu launched an open source deep learning platform with 4 million developers in operation. Other than that, Baidu has been investing in conversational AI operating systems, autonomous driving, and AI chips. Baidu AI Cloud is ranked No. 1 in China’s AI public cloud market and Baidu Apollo represents the best of autonomous driving in China.
Concerning China’s technology competitiveness, Kuaishou, China’s biggest sharing platform, monetizes primarily through sales of virtual gifts, advertising, provision of various forms of online marketing services, and charges for offering e-commerce technology services. Kuaishou launched its first tech product in 2011, “animated images known as GIFs”, and became the first mover in China’s short video industry in 2012. Within two years, Kuaishou gradually transformed its products into a short-film video platform. In 2017, Kuaishou Flagship became the world’s largest single live streaming platform in terms of revenue generated from virtual gifting. In this regard, Kuaishou’s total revenue is RMB 21.1 billion, equivalent to USD 3.16 billion, a year-on-year growth of 23.8%. For the past ten years, Kuaishou’s applications and mini programs in China exceeded 302 million daily active users, while its newly innovated Express platform reached more than 100 million users.
With the massive development of China’s technology industry, Kuaishou and Baidu are playing pivotal roles in bringing China’s innovation to go global, while also representing the new transformation of digital. The two technology companies have become the most widely used platforms in China, and are expanding their growing influences in other regions, including Latin America and some parts of the United States.
As cloud, AI, and Internet grow increasingly integrated, Baidu has formed a new multi-engine growth pattern with investments in frontier AI fields including mobile ecosystem, Baidu AI Cloud, smart transportation, and intelligent driving, delivering strong potential for future development. In addition to Baidu, Kuaishou progressively utilizes machine learning as its core technology in order to build an engaging portal and embrace community for the new generation of digital life.
(Chanmolika Seng is a journalist ofCambodian media outlet Fresh News.The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of Global Times Online)