(MT Newswires) - Raymund Chao, president of PwC Asia Pacific & China, discusses the growing adoption of artificial intelligence (AI) in the financial sector, particularly for its role in trading and service automation. PwC has developed a GPT chatbot in-house, an AI-based tool designed to enhance data privacy and improve service delivery.
On the economic front, Chao says China has achieved GDP growth of 5.2% in 2023, in line with its target of around 5%, despite a global slowdown. He highlights the transition of the Chinese economy from volume-led growth to quality-led growth, propelled by investment in cutting-edge technologies and green transition.
Raymund Chao admits that geopolitical tensions have led to trade restrictions and cautious investment in Chinese technology companies. He warns against the risks of technological polarisation and the inefficiencies that could result, leading to higher costs.
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