China invests $13.8b to propel integrated circuits, biomedicine, and AI

Shanghai, China’s economic hub, announced 100 billion yuan ($13.79 billion) in cash to support its integrated circuit, biomedical, and artificial intelligence (AI) industries.

The AI fund will focus on disciplines such as intelligent chips, software, self-driving cars, and intelligent robots, according to a Shanghai government release.

The government plans to use the funds to promote original innovation and expedite the development of globally competitive firms in Shanghai.