Visitors watch a bionic hand showcasing grab skill during the 2024 World AI Conference in Shanghai, east China, July 5, 2024. AI-powered products and applications have captivated lots of visitors during the 2024 World AI Conference. Photo: Xinhua

Chinese companies have showcased their latest artificial intelligence (AI) capabilities at an industry expo in Shanghai, as the country races to lead the development of cutting-edge technology. 

More than 500 representatives from China and abroad signed agreements at this year's World AI Conference (WAIC) and High-Level Meeting on Global AI Governance on Saturday, the Global Times learned. 

The deals, covering AI computing power, algorithms and device sectors, represented more than 24 AI projects, with a combined investment of 40 billion yuan ($5.48 billion).

It also brought together 132 procurement groups and identified 126 project procurement needs, with an estimated total purchase amount of 15 billion yuan, according to the event organizers.

Industry insiders and experts said that the substantial outcome underscores the vitality and growth potential of the AI industry. It also mirrors breakthroughs in China's AI that are expected to have wider application prospects in various industrial sectors.

As of Saturday afternoon, the event set new records with over 300,000 visitors and 1 billion online views, up 90 percent from last year.

The expo also showcases a vast array of innovative technologies poised to revolutionize industries, with Chinese tech companies and new emerging startups rolling out their AI products in key fields such as large language models, computing power, humanoid robotics and autonomous driving.

Among the record deals signed at the expo, the Global Times observed that "generative AI models and humanoid robots" are two of the key highlights, which also represent the future trends of China's AI, Jiang Lei, a Shanghai-based robotics expert, told the Global Times.

WAIC 2024 serves as a testament to the transformative power of AI, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Sunday.

Wang said that the array of deals inked has sent a resounding signal of Chinese companies' unwavering confidence in the prospects of technological innovation, as well as their firm determination to actively seize the development opportunities of AI. 

"This event is also a moment for both large tech companies and startups to showcase their latest achievements and collective efforts to promote the development of the AI industry," Wang noted.

The expo ignited heated discussions about China-US tech competition. According to a report by Reuters, despite challenges posed by US sanctions that limit access to advanced chips, many executives of Chinese tech companies at the conference expressed confidence that Chinese companies will continue to thrive in the AI sector.

Despite global challenges including the US' intensifying crackdown on China's technological development, the intelligent gap between Chinese tech companies and its Western counterparts is narrowing, Jiang said, noting that policy support requires further consolidation.

The Ministry of Industry and Information Technology said on Friday that it is promoting technological breakthroughs in key areas including humanoid robots, brain-machine interfaces, metaverse, next-generation internet, 6G, quantum technology, atomic-level manufacturing, deep-sea and aerospace development.