Tianjin, China to launch a new $16bn AI fund

The northern Chinese city of Tianjin has announced that it will be setting up a new $16bn AI fund in the aim of supporting the country’s continued innovation efforts.

The news, revealed by local agency Xinhua, reinstates China’s overriding technology goal of becoming the world leader in AI by 2025 ahead of the US.

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In January, Beijing announced that it would begin building a $2.1bn AI centre in support of the same national goal.

The newly announced fund will be focused on developing intelligent automation, hardware and software, with $4.71bn having been allocated for investment in intelligent devices.

“The funds are established to foster and expand the intelligent technology industry in the city,” said Sun Wenkui, Vice Mayor of Tianjin that made the pledge.

Xinhua added that the city is expected to add a further $1.57bn AI fund that will be focused on advancing technology within the country’s manufacturing industry, but a date for this had not yet been set.

The news follows a similar commitment made by the European Union Commission last month who revealed that it would be launching a $1.78bn fund for AI development by 2020.