随着人工智能在中国经济转型中扮演着日益重要的角色，经济学家和行业领袖正对两大潜在风险提出担忧：人形机器人公司估值虚高，以及技术加剧贫富差距。
As AI becomes an increasingly important part of China’s economic transformation, economists and industry leaders are raising concerns about two potential risks: inflated valuations for humanoid robotics companies and the technology widening the wealth gap between rich and poor.
首望资本（FirstLight Capital）管理合伙人、阿里巴巴集团前董事长兼首席执行官张勇表示，部分中国人形机器人股票的急剧下跌，反映出此前预期已变得过于夸张。
Daniel Zhang, managing partner of FirstLight Capital and former chairman and CEO of Alibaba Group Holding, said the sharp fall in some Chinese humanoid robotics stocks reflected expectations that had become excessive.
张勇周五在新加坡举行的“未来中国商业论坛”上表示：“宇树科技（Unitree Robotics）是一家拥有远见卓识企业家的优秀公司，但没有任何一家公司能够承受如此高的预期。”
“Unitree [Robotics] is a great company with a visionary entrepreneur, but no company could withstand such high expectations,” Zhang said at the FutureChina Business Forum in Singapore on Friday.
他的这番言论发表之际，这家快速增长的中国人形机器人制造商宇树科技，其股价在登陆上海“纳斯达克式”的科创板并创下火爆上市纪录后不到一个月，已从峰值下跌55%。
His remarks came as Unitree, a rapidly growing Chinese humanoid robot maker, saw its shares fall 55 per cent from their peak less than a month after its blockbuster listing on Shanghai’s Nasdaq-style Star Market.
据《信息报》（The Information）报道，由于担忧市场炒作过度，中国监管机构已加强对寻求在内地证券交易所上市的人形机器人初创企业的审查。这种高度关注预计将影响宇树科技、乐聚机器人等公司，这些公司在提交首次公开募股（IPO）申请后仍未实现盈利。
Chinese regulators had stepped up scrutiny of humanoid robot start-ups seeking to list on mainland China stock exchanges amid concerns about excessive market hype, according to The Information. The heightened attention is expected to affect companies such as Deep Robotics and Leju Robot, which remain unprofitable after filing for initial public offerings (IPOs).
张勇在一场关于中国产业转型的小组讨论中表示：“许多机器人制造商正排队等待IPO，但没有一家公司能够承受上市后估值被腰斩的局面。我们需要尊重客观现实，才能推动经济前行。”这场为期两天的年度论坛由“商业中国”（Business China）组织，该非营利组织由新加坡开国总理李光耀于2007年创立，旨在加强区域联系并促进对话。
“Many robot makers are lining up for IPOs, but none of them could withstand seeing their valuation slashed by half after listing,” Zhang said during a panel discussion on China’s industrial transformation. “We need to respect the objective realities for the economy to move forward.” The annual two-day forum was organised by Business China, a non-profit organisation launched in 2007 by Singapore’s founding prime minister, Lee Kuan Yew, to strengthen ties and promote dialogue across the region.
北京大学经济学教授樊纲警告称，人工智能发展的红利正集中在相对较小的一群人手中，而低收入劳动者尚未看到同等程度的收益。
Fan Gang, an economics professor at Peking University, warned the benefits of AI development were being concentrated among a relatively small group of people, while lower-income workers had yet to see comparable gains.
“新增长红利正惠及少数人群……AI将使这一问题更加严重，”范某表示，指的是经济收益分配不均。
“New growth dividends are benefiting the smaller group of people ... AI will make this problem even more serious,” Fan said, referring to the uneven distribution of economic gains.
“如果普通民众没有加薪，如果没有来自大众的消费扩张，经济将面临问题。”当投资者向AI和机器人领域投入数十亿美元之际，新加坡投资机构Granite Asia的高级管理合伙人符吉勋强调了改变年轻人消费方式的新生活方式创新。
“If there is no salary increase for the general population, if there is no consumption expansion from the general public, the economy is faced with problems.” While investors have poured billions of US dollars into AI and robotics, Foo Jixun, senior managing partner of Singapore-based investment firm Granite Asia, highlighted new lifestyle innovations that were changing how young people spend their money.
符吉勋引用了泡泡玛特Labubu玩具的全球流行以及人们对Hyrox等健身赛事日益增长的兴趣，作为创造超越科技领域机遇的新消费趋势的例证。
Foo cited the global popularity of Pop Mart’s Labubu toys and growing interest in fitness competitions such as Hyrox as examples of new consumer trends creating opportunities beyond technology.
“当我们思考在产业升级中进行具体改革或在经济转型中实现突破时，我们需要创新，”符吉勋说。“然而，这不应局限于高科技和AI，而应延伸至服务业和文化产业。”阿里巴巴拥有《南华早报》。
“When we think about making specific reforms in industrial upgrading or making breakthroughs in the economic transition, we need innovation,” Foo said. “However, that should not be limited to hi-tech and AI, but should also extend to the service sector and cultural industries.” Alibaba owns the South China Morning Post.