Xing Ziqiang: China's investment in artificial intelligence is very effective.

Morgan Stanley's Chief Economist in China, Xing Ziqiang, said at the "2026 Caixin Annual Conference: Forecast and Strategy and 2025 Global Wealth Management Forum" that China's industrial chain cluster capability, talent reserves dividend, and the use of the domestic market will continue to be enhanced and leveraged during the "15th Five-Year Plan" period. Speaking of the development of artificial intelligence, Xing Ziqiang analyzed that China, with only about one-tenth of the AI investment amount in the United States, has created efficiency comparable to that of the United States. The United States will invest 600 billion US dollars in AI infrastructure next year, while Chinese major companies will invest roughly 500 billion to 600 billion RMB, but the efficiency of the models achieved is comparable, showing that China's investment is still very effective.