[Explosive Growth in Token Demand in China, Consumption Expected to Reach 10 Quintillion by 2026] The "AI Infrastructure Development Research Report (2026)" released by the China Telecom Research Institute indicates that as the focus of the artificial intelligence industry shifts from large models and computing power competition to the scaled deployment and monetization of intelligent agents, China's token (Token) demand is experiencing explosive growth. Rao Shaoyang, Director of the Industry and Enterprise Strategy Research Institute at the China Telecom Research Institute, predicts that by 2026, China's annual token consumption will reach 10 quintillion, and by 2030, it will exceed 3,500 quintillion, with a compound annual growth rate approaching 12-fold. Rao Shaoyang stated that in terms of computing power demand, the boom in intelligent agents will drive China's computing power demand to continue growing at a high rate, with an average annual growth of nearly 10-fold expected over the next 2–3 years. From the perspective of demand structure, inference computing power demand will far exceed training computing power, with China's inference computing power market share projected to reach 80% by 2029. (CCTV News)