Chinese city Tianjin sets aside $16 billion AI fund

May 18, 2018, 8:30 AM EDT
(Source: Gwydion M. Williams/flickr)
(Source: Gwydion M. Williams/flickr)

In yet another manifestation of China’s aggressive commitment to be a world leader in artificial intelligence by 2025, the country’s northern port city of Tianjin is setting up funds worth 100 billion yuan ($16 billion) to boost emerging industries such as intelligent robots, hardware and software.

Some 30 million yuan would be pumped in for scientific research institutions at national or provincial levels that are based in Tianjin, writes Xinhua Net.

Another 30 billion yuan sub-fund would be routed to equip traditional industries with intelligent devices and for their intelligent upgrade, reports Reuters.