China invests $13.8b to propel integrated circuits, biomedicine, and AI
China needs state of the art chips for electronics and fostering AI in major sectors
An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. PHOTO: REUTERS/FILE
SHANGHAI:
China's commercial hub Shanghai on Friday announced 100 billion yuan ($13.79 billion) in funds to boost its integrated circuit, biomedicine and artificial intelligence (AI) industries.
The fund for the AI sector will focus on fields including intelligent chips, software, autonomous driving and intelligent robots, Shanghai's government said in a statement.
The money will be used to support original innovation, and accelerate emergence of globally competitive enterprises in Shanghai, the government said.