AI and 5G Integration with Blockchain Infrastructure form Foundation of China's New Deal To Combat 2nd Great Depression
With coronavirus spreading globally, and more and more cities or even countries in a state of lockdown, the economy has taken an unprecedented downturn, reminiscent of the Great Depression from 1929 to 1933.
During the Great Depression, President Franklin Roosevelt came up with the New Deal, also called "3R" short for "Relief, Recovery, and Reform". The New Deal included constraining bank speculation and the bank bailouts, and devaluing the US dollar in relation to gold, etc.
China's response to the current economic conditions could be just as bad as the actions of the US government during the Great Depression. China has proposed a Chinese "New Deal", a bailout package that mainly focuses on updating the Chinese technology infrastructure.
At a press conference by The National Development and Reform Commission(NDRC) of China, Wu Hao, Director of the High-Tech Department, was asked by a Bloomberg journalist to discuss the standards of the "new infrastructure" for technology. He responded:
The new infrastructure mainly includes three aspects:
"First, information infrastructure. Mainly refers to the infrastructure generated based on the evolution of a new generation of information technology, such as the communication network infrastructure represented by 5G, the Internet of Things, the Industrial Internet, and the satellite Internet. Technical infrastructure, such as computing power infrastructure represented by data centers and intelligent computing centers.
The second is the integration of infrastructure. Mainly refers to the in-depth application of the Internet, big data, artificial intelligence and other technologies to support the transformation and upgrading of traditional infrastructure, and then form a converged infrastructure, such as intelligent transportation infrastructure, smart energy infrastructure, etc.
The third is the innovation infrastructure which refers to the infrastructure with public welfare attributes supporting scientific research, technology development, and product development, such as major scientific and technological infrastructure, science and education infrastructure, industrial technology innovation infrastructure, etc."