Briefing: China’s finance sector will grow 26% despite fears that AI will take jobs
Jun 19, 2019
What happened: Half of the employees working in the finance industry in the Asia-Pacific region fear they will lose their jobs to artificial intelligence (AI), but the number of China’s financial professionals is expected to grow 26% in the next decade, according to a poll by the Chartered Financial Accountants Institute. The international association of investment professionals surveyed 3,832 members worldwide, a third of which live in Asia. Despite the rise of AI, China’s employment in financial services will grow at a rate second only to India, which will grow 33% over the same time frame.
Why it’s important: China is one of the world’s biggest investors in fintech, with tech giants like Tencent and unicorns like Lufax in the game, and also one of the biggest virtual payment markets. But the fintech industry has faced serious turmoil after a recent regulatory crackdown, particularly P2P lending. According to the report, AI does not threaten the overall growth of the sector. As China’s fintech industry evolves, the government is trying to increase its financial clout while attracting tech capital with a new Nasdaq-style exchange in Shanghai called the “STAR Market.”