New AI fund in China to pour US$8 billion into early-stage projects
The AI Industry Investment Fund was established by the industry and finance ministries with money from the Big Fund
Zhang Jianhua, an official from the Ministry of Industry and Information Technology overseeing the fund, said at a conference in Shenzhen that the AI Industry Investment Fund was established in January under the guidance of the industry and finance ministries, the state-run Shanghai Securities News reported on Thursday.
The fund will support China’s state-led strategy through equity investments, with contributions from Phase III of the China Integrated Circuit Industry Investment Fund, the state-backed fund aimed at supporting chip industry investment, according to Zhang.
The AI fund will be managed by Guozhi Investment (Shanghai) Private Equity Fund Management, a state-backed company, according to Zhang.
The details highlight Beijing’s latest efforts to boost its AI industry development amid a global race for technological dominance and increasing US restrictions aimed at curbing China’s access to advanced technologies.