[China] AI considered key to future success for firms and job seekers

A senior payroll and human capital management executive has urged job seekers and employers in China to be prepared to ride the AI tide if they are to benefit from future advancements, China Daily reports.

Speaking at the 2024 Summer Davos in Dalian, Liaoning province, Jessica Zhang - senior vice-president of ADP Asia-Pacific - said, "The potential and growth of AI adoption in China are enormous. China takes a leading role in AI development in the world."

According to China Daily, global market research firm International Data Corp projects AI spending in the APAC region will reach $49.2 billion by 2026, with a compound annual growth rate of 24.5 per cent from 2021 to 2026. 

China reportedly leads the APAC in AI spending, accounting for 58 per cent of total AI expenditure in the region. It is expected to spend around $26.4 billion by 2026.

"The significant investment reflects China's solid determination to include AI into its economic framework," Ms Zhang said.

She added that AI-driven products are transforming how work is carried out, improving efficiency now and in the future.

"These tools enable HR practitioners, managers and employees to make informed decisions efficiently and confidently."

A recent survey conducted by ADP Research Institute revealed that of nearly 35,000 private-sector workers in 18 countries, 85 per cent believe that AI will impact their jobs in the next two to three years.

The 2024 talent report - issued by Shanghai-based recruitment agency Hudson - reportedly showed that at the start of 2024, the number of AI-related jobs in China surged 28 per cent year-on-year. Sectors including finance, healthcare and manufacturing experienced clear changes.

David Yu - CEO of Hudson Greater China - told China Daily, "ChatGPT has attracted tremendous attention. It is altering the development trajectory of AI technology and applications, accelerating the human-machine interaction process and becoming a milestone in the history of AI development. The year may become a breakthrough year for AI. The future focus is expected to shift from 'catching up with trends' to 'landing capabilities', and the popularization of AI will accelerate."

According to the World Economic Forum's Future of Jobs Report, by 2025, though 85 million jobs may be displaced by automation, 97 million new roles are projected to emerge, demonstrating a clear change in the division of labour between humans, machines and algorithms.

Experts reportedly state that such a paradigm shift highlights the need for significant workforce evolution rather than a reduction in the workforce.

On the matter of future development trends, Ms Zhang said: "According to our global survey, we are witnessing significant generational changes. Over the next five to 10 years, more members of Generation Z will enter the workforce, bringing substantial changes. To support these workers, companies must provide ongoing training, skill development and flexible work roles to keep pace with technological changes. This approach will help both employees and employers fully benefit from future AI advancements."

Source: China Daily

(Quotes via original reporting)

A senior payroll and human capital management executive has urged job seekers and employers in China to be prepared to ride the AI tide if they are to benefit from future advancements, China Daily reports.

Speaking at the 2024 Summer Davos in Dalian, Liaoning province, Jessica Zhang - senior vice-president of ADP Asia-Pacific - said, "The potential and growth of AI adoption in China are enormous. China takes a leading role in AI development in the world."

According to China Daily, global market research firm International Data Corp projects AI spending in the APAC region will reach $49.2 billion by 2026, with a compound annual growth rate of 24.5 per cent from 2021 to 2026. 

China reportedly leads the APAC in AI spending, accounting for 58 per cent of total AI expenditure in the region. It is expected to spend around $26.4 billion by 2026.

"The significant investment reflects China's solid determination to include AI into its economic framework," Ms Zhang said.

She added that AI-driven products are transforming how work is carried out, improving efficiency now and in the future.

"These tools enable HR practitioners, managers and employees to make informed decisions efficiently and confidently."

A recent survey conducted by ADP Research Institute revealed that of nearly 35,000 private-sector workers in 18 countries, 85 per cent believe that AI will impact their jobs in the next two to three years.

The 2024 talent report - issued by Shanghai-based recruitment agency Hudson - reportedly showed that at the start of 2024, the number of AI-related jobs in China surged 28 per cent year-on-year. Sectors including finance, healthcare and manufacturing experienced clear changes.

David Yu - CEO of Hudson Greater China - told China Daily, "ChatGPT has attracted tremendous attention. It is altering the development trajectory of AI technology and applications, accelerating the human-machine interaction process and becoming a milestone in the history of AI development. The year may become a breakthrough year for AI. The future focus is expected to shift from 'catching up with trends' to 'landing capabilities', and the popularization of AI will accelerate."

According to the World Economic Forum's Future of Jobs Report, by 2025, though 85 million jobs may be displaced by automation, 97 million new roles are projected to emerge, demonstrating a clear change in the division of labour between humans, machines and algorithms.

Experts reportedly state that such a paradigm shift highlights the need for significant workforce evolution rather than a reduction in the workforce.

On the matter of future development trends, Ms Zhang said: "According to our global survey, we are witnessing significant generational changes. Over the next five to 10 years, more members of Generation Z will enter the workforce, bringing substantial changes. To support these workers, companies must provide ongoing training, skill development and flexible work roles to keep pace with technological changes. This approach will help both employees and employers fully benefit from future AI advancements."

Source: China Daily

(Quotes via original reporting)