China's finance sector is at a crucial juncture as it looks to embrace emerging technologies. A former deputy governor of the central bank has emphasized the game-changing potential of artificial intelligence. Li Dongrong, in a speech at an industry summit in Shenzhen, highlighted how AI has already positively impacted traditional financial services like customer support, investment, and risk management. The emergence of next-generation large language models has further emerged as a key enabler for the transformation of the banking sector.

China's AI Industrial Ecosystem

Since 2017 when the government issued a blueprint for the AI industry's development, China has created a comprehensive industrial ecosystem. As stated by Li Dongrong, the core industry is now worth nearly 600 billion yuan (US$82 billion). This indicates the significant growth and potential within the AI sector in China.

Major Financial Institutions and AI

Major Chinese financial institutions such as the Industrial and Commercial Bank of China (ICBC) and China Construction Bank are actively exploring ways to enhance their operations using large language models and other AI technologies. This shows their recognition of the importance and potential of these technologies in driving efficiency and innovation within the financial sector.

Ant Group's AI Assistant Tool

Fintech giant Ant Group introduced an AI assistant tool named Zhixiaozhu last year. This tool can provide valuable assistance to financial practitioners in areas like investment research, insurance, and marketing. It showcases the practical applications of AI in the financial domain and how it can help professionals in their daily work. Ant Group, an affiliate of Alibaba Group Holding which owns the South China Morning Post, is at the forefront of leveraging AI in the financial industry.