Nomura economist says AI is not lifting China's economy as much as the US

What happened?

1. Lu Ting, chief China economist at Nomura, said at a media briefing in Beijing on Thursday that "AI isn't boosting China's economy as much [as it is in the US], and we also have to worry about some of the negative side effects"
2. Lu stated that AI accounts for roughly half of the US economy at present, and that American investment in AI has risen at approximately four times the rate of consumer spending.
3. Lu noted that China's yearly AI investment slightly exceeds one trillion yuan (US$147.82 billion), a level still far lower than the scale of property investment in the 2010s.
4. Lu said the proportion of China's overall economy represented by AI investment is about one-third of the level in the US.
5. Lu said China has hit a bottleneck because other countries will not sell chips to it in bulk.

At a Thursday media briefing in Beijing, Nomura's chief China economist Lu Ting said AI's economic boost in China falls short of the US, and he flagged negative side effects as a worry. He said China's annual AI investment roughly exceeds one trillion yuan, a smaller share of the economy than in the US.

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