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.
