EQUITY RESEARCH | August 31, 2017 Piyush Mubayi +852-2978-1677
[email protected] Goldman Sachs (Asia) L.L.C. Elsie Cheng +852-2978-0820
[email protected] China's Rise in Goldman Sachs (Asia) L.L.C. Heath P. Terry, CFA +1-212-357-1849
[email protected] Artificial Intelligence Goldman Sachs & Co. LLC The New New China Andrew Tilton For the exclusive use of
[email protected] +852-2978-1802 China has emerged as a major global contender in the field of AI, the apex
[email protected] technology of the information era. In this report, we set out China’s Goldman Sachs (Asia) L.L.C. ambitious top-down plans, the factors (talent, data and infrastructure) Tina Hou that make China unique and the companies (Baidu, Alibaba and Tencent) +86(21)2401-8694 that are making it happen. We believe the development of an ‘intelligent
[email protected] economy’ and ‘intelligent society’ by 2030 in China has the potential to Beijing Gao Hua Securities drive productivity improvement and GDP growth in the next two decades. Company Limited Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.