BEIJING - The market value of China's artificial intelligence (AI) industry reached 23.7 billion yuan ($3.5 billion) in 2017, with the growth rate expected to reach 75 percent in 2018, according to a recent report.

Titled "China's AI Development Report 2018" released by Tsinghua University, the report focuses on China's AI development regarding technology output, talents, market application, and policies.

According to the report, China has become the most attractive country for AI investment and financing. From 2013 to the first quarter of 2018, China's investment and financing in the AI industry accounted for 60 percent of the world's total.

China published the largest number of AI-related research papers as well as highly cited papers. China also ranked first in the number of AI-related patents, most of which focus on AI application, the report said.

By the end of 2017, China had 18,232 AI technology research talents, accounting for 8.9 percent of the world's total and was second only to the United States, which accounted for 13.9 percent, said the report.

The report also pointed out that China needs to strengthen basic research of AI and nurture top AI talents to further promote AI development.