Generative AI Poised to Unlock Trillion-Dollar Market Opportunities
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"The next China is still China." At the 2023 INCLUSION·Bund Summit, Joseph Ngai, Chairman of McKinsey China and Senior Global Managing Partner, shared his latest observations on China's future development. He emphasized that the Chinese market holds immense growth opportunities, and no other global market can replace China's position.
Ngai illustrated this with data: Under conservative estimates, if China's GDP grows at an annual rate of just 2% over the next decade, the cumulative GDP increase would still equate to adding another India. If the growth rate reaches 5%, the GDP expansion over ten years would match the combined GDP of India, Japan, and Indonesia.
Beyond his optimism about China's economy, Ngai expressed strong confidence in the generative AI industry, predicting it will unlock a market worth over a trillion dollars.
He noted that the technological wave of generative AI has swept across the globe this year, potentially sparking a new round of technological and industrial transformation over the next 8-10 years. "AI's potential contribution to the global economy could reach $25 trillion, making it one of the most critical fields for businesses today—but this era has only just begun," he said.
Ngai provided examples: In the high-tech sector, generative AI could generate an additional $240–460 billion annually; in retail and consumer goods, $240–390 billion; and in banking, $200–340 billion. He also highlighted that generative AI applications could significantly boost productivity and create new job opportunities.
The 2023 INCLUSION·Bund Summit, held from September 7–9, was organized by the Bund Summit Committee with support from the Shanghai Municipal Financial Regulatory Bureau and the Huangpu District People's Government. The committee includes leading institutions such as Tsinghua University, Fudan University, Shanghai Jiao Tong University, Tongji University, Zhejiang University, Shanghai United Media Group, Bund Investment Group, and Ant Group.