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Interestingly, while LivingSocial has struggled,?Amazon has decided to invest heavily in the local space, including?selling daily deals, but also new product areas, including a Yelp-like reviews marketplace and a rumored food delivery service.

Internet giants are fiercely competing in the artificial intelligence area. In June, Tencent Holdings Ltd unveiled Xiaowei, an intelligent voice computing platform developed on the basis of WeChat's voice recognition technology. Alibaba Group Holding Ltd and Baidu Inc have also launched similar open voice computing platforms.

Innovation is at the heart of China's 13th Five-Year Plan (2016-20) and Beijing has set the target of becoming an "innovation nation" by 2020, an international leader in innovation by 2030, and a world powerhouse in scientific and technological innovation by 2050.

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Initiative has yielded positive results since it was first proposed in 2013

Internet companies are doing their job, too. With their vast databases, they are either putting used cars online, making it easier to choose, or enabling potential buyers to better evaluate a used car.

Investment and financing in the space last year reached 3.57 billion yuan, focused primarily on satellite applications and launching areas, which drew 1.97 billion yuan and 1.15 billion yuan, said The Paper, quoting a research institution.

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Innovation and technology is key for global economy to pick up quickly, said participants on Tuesday, adding that the paradigm is shifting to Asia.

Investing in “big data” products just isn’t enough any more for retailers. Artificial intelligence models are going to dictate how products are sold over the next decade, and there are only a few companies with the expertise and data sets necessary to build those models at scale.

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International cooperation is also taking place in the park. Sino-German Intelligent Manufacturing Research Institute, which was co-founded by Nanjing Yangzi Investment Group, industrial investment funds and private capital, is cooperating with German Fraunhofer-Gesellschaft applied scientific research institution to introduce intelligent manufacturing technology and advanced management experience.

Instead of building investment-heavy plants in the United States or European countries, the company is starting to build much smaller plants and regional hubs in different parts of the world, Roman added.