Home Government One Chinese City Creates a $16 Billion AI Fund Dwarfing EU's Entire...

One Chinese City Creates a $16 Billion AI Fund Dwarfing EU’s Entire Investment of $1.8 Billion

Looking at the recent innovations stemming from the adoption and development of new or emerging technologies such as artificial intelligence, it is undeniable that the future of technology is bright.

As such, companies and governments are speeding up their efforts to keep up with trends revolving around such advanced technologies to avoid being left out.

China has have publicly revealed its ambition to be a global AI leader by 2030. If efforts by some of its cities like Tianjin are anything to go by, then the country is on the right track.

Tianjin, a leading Chinese metropolis, recently revealed its plans to establish a multibillion-dollar fund, 100 billion yuan or $15.7 billion to be exact, in a bid to expedite the development of technological innnovations and invest in artificial intelligence companies.

The information was made public through a document that was posted on the city government’s website.

This is not only the latest but also probably the largest endeavor by a solo Chinese city to spearhead AI development amid China’s efforts to fulfill its artificial intelligence plans.

According to the document, the sum of money will be raised from various sources including private businesses, Chinese, and abroad financial organizations as well as other market players.

This artificial intelligence (AI) fund serves as a portion of the Tianjin city government’s larger plan to accelerate the growth and development of the AI technology industry.

The entire master plan formulated by the city consists of a series of talent incentives of a maximum of 2 million yuan cash prize per individual intended to lure high-end technology talent.

It also includes a 10 billion yuan fund for smart manufacturing, which will be financed by the city’s municipal government.

Tianjin unveiled this plan as competition for the dominance of artificial intelligence technologies between the United States, and China continues to heighten.

These technologies are behind the latest applications such as self-driving vehicles and talking robots.

The most impressive bit about the planned fund is that it trounces the funding announced by the European Union Commission last month.

The commission said that it would add its investment in artificial intelligence by 70%, pushing it to € 1.5 billion or $ 1.78 billion between 2018 and 2020.

Furthermore, the investment is anticipated to increase the aggregate public and private European investment in artificial intelligence to at least €20B by 2020.

China’s ultimate goal involves not only developing itself into a notable artificial intelligence (AI) global innovation center but also creating an AI industry valued at over 1 trillion yuan by 2030.

This information was unveiled by a three-step development blueprint that was unveiled by the country’s State Council back in 2017.

Nonetheless, the Trump administration last week swore to maintain the United States’ lead position in artificial intelligence technology through additional financing among other efforts.

Ever since the national government made artificial intelligence (AI) the country’s priority, local governments across China have been devising policies and investing massive funds to boost AI development.

Early this year, Beijing revealed a plan to create an AI development park valued at 13.8 billion yuan, which will host 400 businesses generating revenue of approximately 50 billion yuan yearly.

Source SCMP

Subscribe to our newsletter

Signup today for free and be the first to get notified on the latest news and insights on artificial intelligence

KC Cheung
KC Cheung
KC Cheung has over 18 years experience in the technology industry including media, payments, and software and has a keen interest in artificial intelligence, machine learning, deep learning, neural networks and its applications in business. Over the years he has worked with some of the leading technology companies, building and growing dynamic teams in a fast moving international environment.
- Advertisment -

MOST POPULAR

Internet Giant Tencent Pitches its AI Ethics for the World

China’s Tencent is pushing its artificial intelligence ethics vision on the global stage, a move that goes against its traditionally isolated style. In an interview...