• Breaking News

    Private equity chief says he's bullish on A.I. in China

    The head of one Chinese private equity firm is bullish on China's technology.

    "China has the best digital infrastructure, as a sizable economy," John Zhao, CEO of Hony Capital, said at the China Development Forum in Beijing.
    "When I talk about the digital infrastructure, it's not just about how many people are internet-users, or will be internet-users. We're talking about mindset," he told CNBC's Eunice Yoon on Saturday.
    Chinese "consumers are digitally equipped and very open to consume digitally," Zhao said, adding that it will be "a very, very powerful driving force. And that is going to continue to contribute to world's growth."
    Zhao did not name particular Chinese tech stocks he was investing in, but said he sees potential in the field of artificial intelligence.
    "Some of the best applications are happening here," he said, claiming that Chinese border crossings are now "seamless," thanks to fingerprinting and facial recognition technology.
    According to CB Insights, China received 48 percent of global AI funding in 2017, compared to 38 percent that U.S. firms garnered that year.

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