China is making a bold move to strengthen its artificial intelligence (AI) industry by launching a state fund worth 60 billion yuan, or about US$8.2 billion, aimed at early-stage AI investments. This initiative is a clear signal of Beijing’s commitment to driving technological growth through strategic government funding.
During a recent conference in Shenzhen, Zhang Jianhua from the Ministry of Industry and Information Technology shared insights about this new AI Industry Investment Fund, which was established back in January. The fund’s creation comes under the guidance of key industry and finance ministries, as reported by the Shanghai Securities News.
Zhang explained that the fund is designed to support China’s national strategy through equity investments. It’s drawing resources from the third phase of the China Integrated Circuit Industry Investment Fund, also known as the Big Fund, which is focused on boosting the chip industry. This phase kicked off last year with an impressive capital of 344 billion yuan, aligning with China’s broader goal to achieve self-sufficiency in semiconductors.
Guozhi Investment (Shanghai) Private Equity Fund Management, a state-backed entity, is set to manage the AI fund, according to Zhang. This development underscores China’s ongoing efforts to advance its AI sector amidst global tech competition and increasing US measures that restrict China’s access to cutting-edge technologies.
For those of us keeping an eye on global tech trends, this move by China is a fascinating development. It shows a strategic push not just to keep up, but to lead in the AI arena. If you’re involved in tech or investment, this is definitely a space to watch.
