CHINA’S fashion industry is set to explode in the coming years.
The world’s second-largest economy is already seeing its fashion industry flourish as its economy and population continue to grow.
Chinese companies are expected to produce around 5.3 trillion yuan (8.8 trillion U.S. dollars) worth of goods in 2020, according to the country’s Central Statistics Office (CSO).
That’s more than the entire gross domestic product of the United States, China’s largest trading partner.
China’s total value of exports is estimated at $1.7 trillion, and it is estimated that China will export more than $1 trillion worth of products this year.
It’s projected that by 2020, China will overtake the United Kingdom as the world’s largest economy.
The United Kingdom is estimated to have a $7.4 trillion economy.
China is also expected to become the world leader in the use of artificial intelligence, and by 2020 it will surpass the United Nations to be the world leading intelligence and robotics company, according the country.
China, the world headquarters of the World Wide Web, is also looking to diversify its economy.
“China’s fast-growing economy and the rapid increase in the number of high-tech and consumer goods are creating demand for quality goods, services and other goods and services,” said Michael Lee, head of international marketing at research firm IDC.
China has made a big push in artificial intelligence with the development of AI systems.
In 2020, the country plans to create about 2.5 million jobs in the artificial intelligence industry, according China Automotive Research Institute (CARTI).
CARTE has estimated that by 2030, China plans to add more than 2 million high-skill positions, and 3.1 million middle-skill jobs.
By 2020, more than 100,000 Chinese jobs will be created in the technology industry, and more than 1.2 million jobs will exist in the medical, health care and manufacturing industries, according CARTI.
China plans to spend more than 7 trillion yuan on the artificial-intelligence industry, accounting for about 30 percent of its total economy.
In 2020 the country expects to spend a total of $12.4 billion on the AI industry.
The majority of the money is expected to be spent on artificial- intelligence research, with the remainder to be invested in developing and building AI-based products.
China’s AI-related companies are set to have annual revenue of more than US$5 trillion, according a report by the National Bureau of Statistics.
By 2020, nearly US$1.3 billion will be spent in the AI market, according IDC’s report.
The government is also investing heavily in artificial- Intelligence research.
China has the world record for spending on artificial intelligence research.
The United States has invested US$4.5 trillion into the field of AI research, according its National Institute of Standards and Technology.