AI technologies are widely used in medical and healthcare services nowadays in Europe, Pissarides said: "For instance, AI does well in diagnosing diseases, comparing a patient's personal data with others to offer advice for doctors and revealing patients' potential health risks. In autonomous driving sectors, big data is helping in planning of the routes automatically."
"We will see the services sectors growing at a rapid rate during the AI times in China. Europe already has a proper market scale for childcare and nursing care for the elderly centers and China could catch up soon as Chinese has strong family bonds as part of their customs. Meanwhile, China is heading towards an ageing population nowadays."
Northern Europe has approximately a 20-percent labor force in the healthcare and medical sectors, with central Europe ranging from 10 percent to 15 percent， but China has only four percent to five percent, because their healthcare services are done at home most of the time, said Pissarides.
"However, it does not mean every job will be replaced by AI in the future, because machines have weaknesses when dealing with multi-tasking simultaneously," Pissarides told the China Fortune Media Group. "It was estimated by economists that around 10 percent to 20 percent of the employed could be influenced by the applications of AI technologies in developed countries."
Those positions requiring specific expertise and knowledge are less likely to be affected, he added.