中国大力发展AI 前央行行长周小川警示投资失败风险

前中国人民银行行长周小川在2026外滩年会上对中国AI领域的投资风险提出警告。1他指出，虽然官方规划在"十五五"时期（2026至2030年）的算力网建设还需新增直接投资人民币4兆元，但当前全国已上线智算中心GPU平均利用率不足30%，其中企业级通用算力中心利用率仅为10%至15%。1

周小川强调，这样的低效率运营存在隐患。1以年运营成本3000万元但利用率不足30%的智算中心为例，其在金融层面实际上构成了潜在的信用风险源。1他表示要对AI投资失败以及可能引致的金融动荡开展研究并做好预案，呼吁储备相应的政策工具以应对当前技术路线不确定性风险。1

Former governor of the People's Bank of China Zhou Xiaochuan warned at the 2026 Bund Summit on October 20 that while China is channeling enormous funds into artificial intelligence, the country must prepare contingency measures to address potential financial risks from AI investment failures 1. The Chinese government has planned to invest an additional 4 trillion yuan (approximately 19 trillion New Taiwan dollars) in computing power network infrastructure during the 15th Five-Year Plan period from 2026 to 2030 1.

Zhou Xiaochuan highlighted a critical infrastructure utilization problem, noting that GPU usage rates at nationally deployed intelligent computing centers average less than 30 percent, with enterprise-grade general-purpose computing centers operating at only 10 to 15 percent capacity 1. He characterized this underutilization as a financial concern, observing that an intelligent computing center with annual operating costs of 30 million yuan but utilization below 30 percent represents a potential credit risk source from a financial standpoint 1. Zhou called for comprehensive research into potential AI investment failures and their possible financial implications, urging policymakers to develop and stockpile appropriate risk management tools in preparation for such scenarios 1.