China's AI push is about spreading economic gains, not enriching tech giants, a finance CEO says

China's approach to artificial intelligence is being characterized as a transformative economic strategy rather than a mere profit-driven initiative. Hisham Alrayes, CEO of Bahrain's GFH Financial Group, emphasized during a panel discussion at Davos that the country's focus is on open-source models to ensure the widespread economic benefits of AI, rather than allowing wealth to concentrate among a few tech giants. Alrayes pointed out that the essence of China's AI philosophy lies in its open structure, contrasting sharply with the proprietary models commonly found in the U.S. This approach aims to distribute AI's advantages across various sectors of the economy, fostering growth and innovation at a broader scale. He highlighted DeepSeek, a leading Chinese AI initiative that utilizes open-source frameworks, as a prime example of this philosophy in action. Unlike many American language models, which are restricted and proprietary, DeepSeek leverages shared research to enhance efficiency and drive innovation. Moreover, former Google CEO Eric Schmidt has noted that China's open-source AI offerings could be particularly appealing to countries with limited budgets, as these models do not come with hefty price tags like their U.S. counterparts. Alrayes reiterated that this strategy is about making AI accessible and beneficial for the entire economy, rather than prioritizing individual corporate profits. Gong Ke, the executive director of the Chinese Institute for New Generation AI Development Strategies, supported this viewpoint, stating that China's national 'AI Plus' action plan is aimed at integrating AI across various sectors, including manufacturing, healthcare, finance, and education. This plan sets ambitious targets for AI adoption, predicting that intelligent agents will achieve 70% penetration by 2027 and 90% by 2030. Ultimately, Alrayes believes that China's commitment to an open-source AI framework reflects a larger objective: transforming AI into a public utility that enhances economic value across the board. "China is aiming to create widespread value throughout its economy, with clear and specific goals, rather than merely benefiting select companies," he remarked, highlighting the fundamental differences in economic philosophy between China and other nations.