Tianjin Announces $16 Billion AI Fund

Last Thursday, China’s northern port city of Tianjin announced that it will be allocating around 100 billion yuan ($16 billion) to support the growth of country’s artificial intelligence sector.

The funds will be used for the development of intelligent robots and hardware and software while around 30 billion will go to intelligent devices and upgrades for traditional industries. A separate fund of 10 billion will be set up to promote intelligent manufacturing.

Tianjin vice mayor Sun Wenkui also pledged around 30 million yuan for each scientific research institution, whether a provincial- or national-level body, that sets up in the province.

Source: Reuters

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