The White Paper sees Web3, a modern scientific and technological culmination, as the inevitable trend for the future of the internet industry. It encompasses immersive interactive experiences and a fusion of virtual and physical realities.

This scope includes a blend of sensory experiences and economic activities in the physical and virtual world, covering the Metaverse and Web3.

According to Star Mine data from Cailian Press, 46 listed companies, including Wanxing Technology and Tianyu Digital Science, are already positioning themselves in the Web3 space.

The White Paper identifies generative artificial intelligence, XR interaction terminals, and content creation tool platforms as the research hotspots of the Web3 industry.

Technology giants domestically and globally, including Apple, Meta, Microsoft, Google, Nvidia, Baidu, ByteDance, and Tencent, have been actively positioning themselves and leading industry development.

New applications such as digital personas and digital collections are rapidly developing, with innovative entities exploring practical applications.

Yu Jiajing, Executive Director of the China Mobile Communications Federation Metaverse Industry Committee, believes that Web3 is the most critical new species of the next digital economic era.

The digital economy, a more advanced stage of economic development and a future global direction, becomes a critical mechanism for stabilizing economic growth and achieving economic recovery in the context of global economic downturn pressure.

Web3, according to Yu, is a new value internet system that not only inherits the previous internet ecosystem but also further upgrades it with the autonomy of personal data ownership. It will create application fields that were not present in Web1.0 and Web2.0. For instance, prototypes appearing in the Metaverse will rapidly develop in Web3.

Wang Zhiwu, CEO of Yuanjing Technology, believes that the value of Web3 lies in better meeting people’s needs, improving production efficiency, promoting economic development, and advancing social progress.

The development of Web3 will also bring more business opportunities and innovative spaces, providing more possibilities for corporate development.

In the view of Wang Zhiwu, the positioning of Web3 by Tianyu Digital Science is to understand better consumer needs through the application of new technologies such as artificial intelligence, improve the quality and efficiency of products and services, achieve digital transformation, and further enhance the core competitiveness of enterprises.

The regulatory landscape in China is poised to evolve as Web3 continues to mature. On the one hand, the government is likely to encourage Web3 applications aligning with its technological innovation, economic growth, and social development objectives. On the other hand, it will also aim to mitigate risks associated with data privacy, cybercrime, and financial stability.

In response, Chinese companies investing in Web3 technology must carefully navigate this balance between innovation and regulation. It’s expected that companies will need to collaborate closely with regulators, comply with applicable laws and regulations, and possibly contribute to the development of new standards and guidelines for Web3.

Furthermore, in the spirit of decentralization that underpins Web3, Chinese regulators may have to consider regulations that ensure fair competition, protect user rights, and prevent the concentration of power or resources.

China’s approach to Web3 regulation, like the technology itself, is still in the early stages of development. As Web3 technologies mature and their societal impact becomes more apparent, Chinese regulations will also need to evolve accordingly, shaping the future of the country’s digital economy.

Dubbed the “Land of Hope”, the XiRang platform enables up to 100,000 online attendees to interact simultaneously in the same space.

According to Robin Li, Baidu CEO, Chairman, and Co-Founder, intelligent transportation will see a significant transformation in the next 10-40 years that will greatly influence the future.

Purchase restrictions limiting the number of cars sold in China’s first-tier cities, and number plate restrictions reducing by 20% the number of cars on the roads on weekdays will be lifted within five years and improved traffic efficiency will solve urban congestion within 10 years.

Li believes that intelligent transportation can address three major problems: Firstly, it can reduce road traffic accidents by 90%. Secondly, the problem of urban congestion can be resolved. Lastly, autonomous driving and intelligent transportation will help reduce carbon emissions.

From autonomous driving to smart cars and smart roads, Baidu has deeply integrated AI, 5G, and cloud computing into the transportation sector.

With a total of 115,000 rides provided by the third quarter of 2021, Baidu’s autonomous ride-hailing platform “Apollo Go” has become the largest autonomous mobility service provider in the world.

Baidu’s future goal is to expand the “Apollo Go” service to 65 cities by 2025 and 100 cities by 2030.

Also read: Top 10 AI Cities in China

Baidu AIR intelligent road system will achieve real-time optimization of “city-level” signal control at hundreds of thousands of road intersections, greatly enhancing vehicle safety over millions of kilometers across the country.

Baidu believes that automotive robots will be the ultimate form of vehicle transportation in the future. Having L4 intelligent driving capabilities, Baidu’s smart EV venture, Jidu Auto, has been designed to operate under the concepts of “free movement”, “natural communication”, and “self-improvement”.

Li said that Jidu is planning to release its first concept car in the first half of 2022, followed by mass production and delivery by 2023.

At the convention, Baidu Chief Technology Officer Haifeng Wang released Baidu AI Cloud digital avatar platform XiLing, which is a platform level product integrating digital avatar generation and content production.

It can provide creation and operation one-stop services such as virtual host, virtual idol, brand spokesperson creation and operation for radio, television, Internet, brand and other customers.

Apart from providing an “AI toolkit” to creators, Baidu Brain also provides the technological foundation for digital transformation in society and many industries. Baidu Brain’s approach relies on standardization, automation, and modularization for industrial mass production, which allows it to evolve into an AI mass production platform.

“Wenxin”, Baidu Brain’s recently-released technological breakthrough, is the world’s first knowledge-enhanced 100-billion-scale pre-trained language model and the largest Chinese-language monolithic model.

Baidu’s open-source deep-learning platform PaddlePaddle has garnered 4.06 million developers, served more than 157,000 enterprises and units, covered dozens of industries, and created almost 500,000 models. PaddlePaddle’s combined market share ranks first among China’s deep-learning platforms.

Computing power is one of the core elements to support AI development. Baidu created the base for green computing, including self-developed Kunlun AI chips, an AI heterogeneous computing platform Baige, and a green data center to support AI technology research and a wide range of applications.

Baidu Brain can support across 1,400 capabilities. Baidu AI Cloud can distribute the AI technology capabilities to various industries, contributing to digital transformation and intelligent enhancement of China’s industries, economy, and society.

Report: China growth AI companies overview