China’s Tianjin plans on setting up a $16 billion fund for the AI industry

By 2025, China aims to displace U.S. dominance in the artificial intelligence industry.

On Thursday, China’s news agency Xinhua stated, Tianjin plans on setting up funds worth $16 billion (100 billion yuan) to support the artificial intelligence industry.

By 2025, China wants to become the world leader in artificial intelligence and displace the United States from the top post.

Its policy has heightened international tension over the application of AI in the military.

Tianjin aims to utilize the funds for developing the sectors including intelligent software, hardware and robotics.

It also aims to allocate 30 billion yuan for upgrading legacy devices and make them intelligent.

Sun Wenkui, vice mayor of Tianjin, has also pledged to allocate 30 million yuan for every scientific research institution, whether a provincial or whether it is a national-level body, which sets down root in Tianjin.

Xinhua also mentioned that Tianjin will have a separate fund, worth at least 10 billion yuan, to promote intelligent manufacturing, but did not provide a timeframe for it.

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