Shanghai to set up multi-billion-dollar fund to develop AI

Shanghai will launch a fund of about 100 billion yuan (about 14.6 billion U.S. dollars) for developing the Artificial Intelligence (AI) industry, the municipal government said Monday.

Major AI projects and platforms will be offered financial support up to 100 million yuan, and AI enterprises will also be granted access to data resources in areas including education, health care, and tourism, the Shanghai government said at the ongoing World Artificial Intelligence Conference 2018.

The measures are part of Shanghai's efforts to promote the AI industry with a focus on attracting more talent and capital as well as optimizing the use of data resources.

"Shanghai needs to seize the opportunity that the AI industry has created, and take full advantage of the city's abundant resources in scientific research, talent, data, and policy support to implement more new AI technologies," said Ma Chunlei, deputy secretary-general of Shanghai municipal government.

The World Artificial Intelligence Conference 2018 is being held in Shanghai from Sept. 17 to 19. Themed "A New Era Empowered By Artificial Intelligence," the event is seen as an opportunity to boost AI development for both China and the world.