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Ant Group, owner of popular mobile wallet Alipay, plans to allocate 40 percent of the 48 billion yuan (.95 billion) it plans to raise from its initial public offering in the STAR Market, China's version of Nasdaq, on innovation and technology-related investments, it said in a regulatory filing on Tuesday.

Another area where Shanghai enjoys unique advantages is the establishment of pilot zones, Li noted, where AI-powered applications in manufacturing, finance, healthcare, autonomous driving and robots are encouraged to test the waters in the city.

Announcing the event on Monday, Nicolas Chapuis, the EU ambassador to China, said the display at the city's Momopark shopping center will feature photographs and videos taken at events throughout 2018.

Apparently, beauty isn't just confined to fine arts and classical literature - following beauty bloggers and searching for online skin care advice can help people relax. Not surprisingly, AI stands poised to play a part in finding the most relevant beauty tips.

Apart from the favorable policies by governments, another important fact is that the sharp fall in oil prices will not have a strong influence on the region's EV sales. Rock bottom prices for oil meant further falls in the price of crude in China and Europe would be limited, he said.