A report released by Securities Times on Monday morning stated that the People's Republic of China has launched a national investment fund for artificial intelligence worth 60 billion yuan (approximately 8.20 billion USD). The newspaper pointed out in its report that the fund – jointly financed by the third phase of the National Integrated Circuit Industry Investment Fund and Shanghai Guozhitong Asset Management Company – will allocate its investments from private equity, asset management, and investment management expenses. Liu Jiang, the chief economist at the Chinese Institute for New Generation Artificial Intelligence Development Strategies, stated in an interview with Global Times that the new investment fund will be crucial for accelerating the growth of the artificial intelligence industry in China. He added that increasing capital flow into the industry will further boost the sector this year.
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