19th July 2023 – Today, PwC China (“PwC”) announced plans to mobilise all its 25,000 people as part of a strategic process to integrate Responsible AI in helping clients build trust and achieve sustained outcomes.

PwC will invest RMB3 billion in AI over the next five years in Mainland China and Hong Kong to responsibly deliver human-led tech-powered solutions to its clients and ensure the Firm remains ready for the future.

PwC will take decisive actions, in phases, ensuring full compliance with legal and regulatory rules. It will:

• work with PwC’s business partners within the technology ecosystems and its clients to develop Responsible AI frameworks and promote responsible and ethical application of AI, not only within the business community but society more broadly
• use AI to transform and enhance its internal operations with AI-tools and technology that empower its people to enjoy a more purpose-driven and efficient work experience
• help clients drive AI-led digital transformations for sustained outcomes, develop new AI-driven solutions to solve client problems, and transform existing client service offerings, in a phased and risk-based approach that enhances quality and client value, while simultaneously ensuring strict regulatory compliance

PwC’s investment builds on its long-standing commitment to utilise AI and other advanced technologies to deliver services and create innovative solutions for its clients and wider stakeholders

According to PwC’s 26th Annual CEO survey, 67% of CEOs in Mainland China believe their business will not be economically viable after a decade without substantive transformation, 28% points higher than their global counterparts. Despite this foresight, Mainland China CEOs may not be investing in future-proofing their business at the same pace as their global colleagues. Only 49% of Mainland China CEOs stated they were investing to upskill and automate processes and systems, which compares to over 70% for CEOs globally. PwC’s Hopes and Fears 2023 report revealed that only 14% of Mainland Chinese employees think AI will not impact their job and 44% think that AI will help them increase their productivity and efficiency at work.

“Generative AI will accelerate China’s modernisation journey by creating higher-quality growth, while balancing safety and security. All industries are set to be disrupted by AI, as well as the climate change transition, so leaders must adapt to ensure they are ready for the future. Our investment illustrates the importance we believe this technology will play in meeting our clients’ future needs”, says Raymund Chao, PwC Asia Pacific and China Chairman. “PwC’s use of Generative AI will be responsible and transformative. We are on a journey with a clear vision. We will empower all of our 25,000 solvers with the skills, tools, and technology to change the game for our clients – a responsible, truly human-led tech-powered approach.” “PwC already has pioneering partners and staff working on AI use-cases internally and with clients across industries. We will now be extending this to the whole workforce. We have seen AI pilots produce powerful insights, unleash people’s productivity, and solve problems in innovative new ways”, says Wilson Chow, PwC China’s Artificial Intelligence Leader and PwC’s Global Technology, Media and Telecommunications (TMT) Industry Leader. “PwC has established a powerful AI Studio and technology sandboxes, allowing our talent to safely, rapidly and cost-effectively develop prototypes and Proofs of Concept, while rigorously meeting data security, privacy, and compliance standards.”

PwC is accelerating its internal transformation including upskilling and reskilling its workforce in Responsible AI, scaling expert AI talent, launching a Firmwide AI Collaboration Hub, upgrading IT infrastructure, investing in AI, cyber security, and data regulatory compliance, and securing channels to future AI talent. PwC will continue to actively collaborate across its ecosystem of stakeholders, including leading technology alliance partners, startups, academia, governments, and communities across city clusters including the Greater Bay Area (GBA), Yangtze River Delta, and Beijing-Tianjin-Hebei, promoting the compliant, secure, and inclusive use of Generative AI. PwC will also leverage its iconic Reimagine Park, a co-creation innovation platform that will create meaningful solutions to solve society’s important problems in sustainability, digital innovation and talent development.

PwC’s Responsible AI strategy incorporates an absolute commitment to regulatory compliance with China’s cyber and data security laws, data privacy, and AI regulations. PwC is compliant in the technology it uses, who and how it uses it, where the relevant data is maintained, and the alliances partners with whom it teams up. PwC puts quality and integrity at the core of its culture, and these investments have been focused on balancing safety, security and stability, as they drive innovation and growth.

PwC’s game-changing approach to AI will allow its clients to build trust and achieve sustained outcomes, in a world being disrupted and transformed by emerging technologies and dynamic business environments.