China recently announced a 60 billion RMB (approximately $8.2 billion USD) national fund dedicated to investing in early-stage artificial intelligence (AI) projects. This move demonstrates Beijing's commitment to fostering the AI industry and aims to elevate China's position in global technological competition through state-led investment.
According to Zhang Jianhua, an official from China's Ministry of Industry and Information Technology, speaking at a Shenzhen conference, the "Artificial Intelligence Industry Investment Fund" was established in January this year under the joint guidance of industrial and financial authorities. The fund's creation not only highlights the focus on the AI sector but also reflects the nation's emphasis on technological innovation, particularly amidst intensifying global tech competition and US restrictions on high-tech exports to China.
Image Source Note: Image generated by AI, licensed through Midjourney.
This AI fund will support national strategic development through equity investments. Funding comes from the third phase of the China Integrated Circuit Industry Investment Fund, also known as the "Big Fund," which aims to foster self-sufficiency in the semiconductor industry and boasts a registered capital of 344 billion RMB. This series of measures shows China's continued investment and efforts to enhance technological capabilities despite challenges in the chip sector.
The fund will be managed by Guozhi Investment (Shanghai) Private Equity Fund Management Co., Ltd., a state-backed company, highlighting the government's proactive and guiding role in investment. Through this approach, the government hopes to attract high-quality projects and talent, promoting the application and development of AI technology.
The establishment of this fund not only provides financial support for early-stage AI projects but also injects new vitality into the industry. With the continuous advancement of AI technology and the expansion of application scenarios, China is poised to occupy a more advantageous position in future technological competition.
