China Invests $16 Billion in Artificial Intelligence

Nation intends to become a world leader in the growing field of AI.

Leah Zitter
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China’s northern port city of Tianjin announced plans on Thursday to throw their support into the artificial intelligence industry. They will do this by setting up funds worth 100 billion yuan ($16 billion), official news agency Xinhua (via Reuters) said.

China aims to become a world leader in artificial intelligence by 2025, taking on U.S. dominance in the sector. Tianjin will invest funds into developing sectors such as intelligent robots, hardware, and software. It will also set aside 30 billion yuan in a sub-fund for intelligent devices and intelligent upgrades for traditional industries.

Sun Wenkui, vice mayor of Tianjin, pledged financial support of up to 30 million yuan (about $4 million) for scientific research institutions set up in Tianjin. The city will also set up a separate fund worth 10 billion yuan ($8 million) for manufacturing, but no timetablehas been specified.