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CAREERTIP: Construction Professionals should start treating AI like a new colleague

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Artificial intelligence (AI) isn’t going away and construction professionals need to embrace it and start working with it as if it were a new colleague. Across all industries, including construction, the adoption of AI is rapidly gaining momentum. This is because technology has finally advanced to the point where it can handle the complex and unstructured data involved in construction projects. Experts predict that AI will continue to develop into what they call "composite AI." Construction professionals, however, have some concerns about adopting AI. These concerns include: Regulatory Framework: Construction professionals must ensure that they comply with all applicable laws and regulations. They must also protect themselves, as AI can be programmed with specific guidelines to produce desired outputs. Ethics : There are important legal and ethical issues to consider when using AI. For example, who is liable if something goes wrong? Who is responsible if a disaster occurs as
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NEWS: China Needs More Infrastructure Investment

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Chinese Premier Li Keqiang set the country's economic growth target for this year at around 5.5 percent during the ongoing annual meetings of the country’s top political and legislative bodies. In order to achieve this goal, more investment is needed in infrastructure, according to a scholar at the Chinese Academy of Social Sciences.


China’s infrastructure investment will need to grow by 6 percent and financing for infrastructure construction should reach CNY20 trillion (USD3.2 trillion) this year in order to achieve the gross domestic product growth target, according to a paper recently published by Yu Yongding and his economic policy research team.

Only a small proportion of the central government’s general public budget is used for infrastructure construction, according to the report. It is possible to hike such spending to support infrastructure construction in various areas, said Yu, who used to be a member of the central bank’s monetary policy committee.

“To achieve the economic growth target, we must keep finding a balance between economic growth and financial stability. This year we need to pay more attention to promoting growth. Whether investment in infrastructure can increase significantly is key to stabilizing growth in 2022,” Yu said.


Less income from the sale of land use rights due to a cooling property market poses a financial challenge to local governments, but this can be dealt with by increasing financial transfer payment from the central government to local governments and relaxing restrictions on local governments’ issuance of special bonds, Yu said.

“The main purpose of macroeconomic policies this year is to support growth, ensure employment and stabilize prices,” he said. Stabilizing real estate prices is not a core target of current macroeconomic policies, he added.

“But should there be a sharp drop in investment in the property sector, capital injections into infrastructure need to climb accordingly to offset the adverse impact of a slowing real estate market on the economy,” Yu added.

Source: Yicai Global

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