China’s tech hub Shenzhen to launch 10 bln yuan for AI growth, focusing on software, hardware, and embodied intelligence.
Shenzhen, China’s tech powerhouse, is set to establish a 10 billion yuan ($1.39 billion) industry fund to accelerate the development of artificial intelligence (AI) and robotics, with a focus on AI software, hardware, and embodied intelligence, local authorities announced.
At a press conference, city officials revealed plans to raise an additional 4.5 billion yuan this year, covering up to 60% of computing power costs for AI enterprises, with subsidies reaching up to 10 million yuan per company.
Beyond financial support, Shenzhen aims to expand its AI application landscape by introducing 100 new AI-powered scenarios by 2025, targeting sectors such as sanitation, emergency response, and healthcare, building on nearly 200 existing AI applications.
Zhang Lin, director of the Shenzhen Science and Technology Innovation Bureau, emphasized the city’s ambition to create a globally influential innovation ecosystem, strengthening its position as a leading AI and industrial technology hub.
Once a fishing village, Shenzhen has transformed into a global innovation center, home to over 2,200 AI companies covering the entire AI industry chain, from smart chips to software-hardware applications. According to iResearch, China’s AI industry is expected to reach 811 billion yuan by 2028, with AI and robotics driving significant market growth.
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