Tianjin to set up $16-billion artificial intelligence fund

Beijing. May 18. Silkroadnews - China’s northern port city of Tianjin announced plans to create a 100 billion yuan ($16 billion) worth fund to support the artificial intelligence industry, SINA.com reports.
China is striving to become the world leader in the field of artificial intelligence by 2025, bypassing the U.S. dominance in the field.
Now Tianjin will invest in the development of such sectors as creation of intelligent robots, and hardware and software. It will also allocate 30 billion yuan to the sub-fund for intelligent devices and intelligent updates for traditional industries.
According to Sun Wenkui, vice mayor of Tianjin, financial support of up to 30 million yuan to be established in Tianjin for each scientific research institution, provincial or national rank.
Tianjin will also create a separate fund worth 10 billion yuan to promote intelligent manufacturing.