(NEW YORK)At their recent Artificial Intelligence (AI) Summit in Tianjan, China made clear its plan to invest heavily in AI and automation technologies in the next 10 to 15 years.

Among one of the plans discussed is to make Tianjan, China a cash-free city that uses largely electronic payments instead of cash in a partnership with e-commerce giant Alibaba (NYSE:BABA).

Autonomous vehicles were another particular highlight at the summit, with an ongoing competition involving 63 teams is test Chinese-made self-driving vehicles after go through a series of tests.

At the AI summit Wan Gang, the minister of science and technology, said they would soon release a development plan focusing on AI capability, the application of AI technologies, policies to handle such risks as job losses, and international collaboration.

The United States has taken a global lead in many aspects of artificial intelligence, from automated workplace functions to self-driving vehicles, and venture funding in this area has grown sharply over the past year or so.

So far in the first quarter of 2017, a total of 34 artificial intelligence startups were acquired , which is more than double the amount of activity in the first half of 2016, according to the research firm CB Insights.

AI VentureTech made note in their newsletter that Chinas plan to focus investments into artificial intelligence up to the year 2030 not only confirms the bullish outlook for AI and automation in the coming years, but also should set off alarm bells in the US and other Western nations to get ahead of the expected rise of AI technology so they can secure their leadership position is this emerging industry.

AI VentureTech recently launched a financial advisory division to assist start-ups in the area of artificial intelligence and automation in accessing capital markets, and providing IT staffing for tech companies seeking to broaden their AI and automation operations.

The financial advisory firm will assist companies in the areas of business analytics, data mining, machine learning, artificial intelligence, visualization tools, predictive modeling, and cloud advanced analysis to assist them with accessing investment capital, and guiding them through the expected goal of listing them on a US exchange.

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About AI VentureTech

AI VentureTech is a technology accelerator and financial advisory firm focused on start-ups in the areas of business analytics, data mining, machine learning, artificial intelligence, visualization tools, predictive modeling, and cloud advanced analysis. AI VentureTech is a network of funds, family offices, and financial institutions dedicated to supporting projects within this emerging technology sector. http://www.aiventuretech.com

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China to Invest Big in Artificial Intelligence and Automation - Wall Street Newscast