Artificial intelligence tops agenda at Wuzhen World Internet Conference

Some of the world’s leading technology professionals have gathered for the third World Internet Conference, being held in Wuzhen, Zhejiang province, and top of everyone’s agenda is the booming growth of artificial intelligence (AI), as it continues to penetrate every aspect of business and daily life.

From customer services to wealth management, to reshaping the jobs market by replacing low-skilled workers, the sector is growing at an unprecedented pace, said analysts gathered for the event.

Big names speaking during the three-day forum include Facebook’s vice president Vaughan Smith and smartphone maker Huawei’s chief executive Richard Yu. Senior officials from Baidu, Tencent, and Alibaba, which owns the South China Morning Post, are also attending.

Hyde Chen, an analyst with UBS’ chief investment office, told the Post the biggest issue facing the image of the AI sector is balancing the numbers of those being put out of work by the technology, with the jobs being created in its development.

“Jobs with three characteristics are at high risk of being replaced: low-skilled roles, those doing repetitive tasks, and jobs that are predictable. AI [applications] will be doing these jobs in a more effective way in future,” Chen said.

The Swiss bank has forecast that about 50 million to 75 million jobs will be affected or eventually be replaced by AI in the next few years globally.

“AI will also bring disruptive changes to industries such as manufacturing, retail and financial industries. So employers will raise their requirement and want more personalised staff who can be more creative and have unique talents,” he said.