AI’s Big Language Models: Revolutionizing Businesses in China
The annual Digital Economy Conference of the Luohan Academy, Alibaba’s open research institute, brought together Chinese tech executives to discuss the impact of large language models (LLMs) on businesses. The conference highlighted the growing importance of AI in shaping the future of socio-economic development.
AI models are changing the economic landscape
Zhang Fan, Chief Operating Officer of Zhipu AI, a leading generative artificial intelligence startup, shared how the company is helping businesses train their own generative AI applications based on application programming interfaces (APIs). This service allows enterprises to fine-tune Zhipu AI’s LLM to create customized applications tailored to their specific needs. For instance, a major stockbroker in China used this service to develop an “AI brain” that can perform multiple tasks, such as helping customers choose the best stock portfolio and answering questions.
“The reason why we put so much emphasis on artificial intelligence is that the wave of AI developments is changing the economic landscape and business models, making human life more complex than ever before.” - Chen Long, president of Luohan Academy
Huang Hao, senior vice president of fintech giant Ant Group, demonstrated how the company’s LLM-based services can improve efficiency in the insurance industry. Ant’s Shengxinpei service, launched in 2023, uses AI to assist buyers in decision-making by helping them understand different types of insurance services and find the right one.
AI-powered insurance services
Zhang Kaifu, vice chairman of Alibaba International Digital Commerce Group, shared the unit’s experience in using self-developed generative AI tools to help small and medium-sized businesses expand into overseas e-commerce markets.
AI-driven e-commerce expansion
The conference underscored the significance of AI in driving business growth and innovation in China. As the country’s tech giants continue to invest in AI research and development, it is likely that we will see more AI-powered applications and services emerge in the near future.
The future of AI in China
