Rick Xiong, general manager of the Beijing Embodied Intelligence Robotics Innovation Center, said: "These combined efforts will shape the future in our favor. Chinese robot companies have the right timing, the right place and the right people to accelerate the humanoid robot push."

Xiong said that leading Western countries have witnessed deep-pocketed industry giants dominating the robot landscape, whereas China is characterized by a proliferation of small to medium-sized enterprises striving to navigate the competitive terrain of humanoid robots.

He also said the rise of AI large language models, exemplified by technologies like ChatGPT, has been a game-changer in the robotics industry.

Traditionally, robots were limited to executing pre-programmed commands and struggled with understanding natural language. However, the integration of advanced AI models has "unlocked "new capabilities, allowing robots to comprehend and act on human language instructions — ushering in what is broadly referred to as embodied intelligence, he said.

Wang Xingxing, CEO and founder of Unitree Robotics, is also optimistic about the commercialization of China's robotics industry, and predicted that within three to four years — certainly no more than five — the industry will experience its "iPhone moment".

He said this will be the point when humanoid robots become a staple in industrial and service sectors, driving a dramatic increase in production and adoption.

For now, while humanoid robots may still seem somewhat limited in their capabilities, the pace of development suggests that this perception will soon change.

Wang speculated that by the end of this year, we might see the first general-purpose robot AI model emerge, setting the stage for a new era of robotics.

Chen Jia, a researcher at the International Monetary Institute, which is part of Renmin University of China, said, "Humanoid robots will be an industry field with great growth potential in the next decade, driven by the latest technological advancements in AI."

At the World Robot Conference last month, Hangzhou-based robotics firm Unitree Robotics said that its G1 humanoid robot has just been updated, transforming it into a version that can be mass-produced, with stronger performance and an even better appearance.

The humanoid robot, priced at 99,000 yuan ($13,910), which is considered very reasonable, can simulate human hand movements with remarkable precision, making it one of the most affordable options in the market.

What sets the Unitree G1 apart is its price point. In comparison, Tesla's humanoid robot Optimus is projected to have an ideal price of $25,000, making Unitree's offering significantly more cost-effective. This pricing strategy could accelerate the adoption of humanoid robots across various industries in China.

Marina Bill, president of the International Federation of Robotics, said about 60,000 industrial robots were installed in China 10 years ago, and their number has gone up to 290,000 now. "Hardly any other country in the world has had that quick a development."

China is by far the fastest-growing robot market in the world, with the highest number of annual installations, and it has had the largest operational stock of robots each year since 2016, according to the IFR.

"China's rapid growth shows the power of its investment so far, but it still has much greater potential in terms of automation," Bill said.