Tianjin municipality in China plans to invest 100 billion yuan in artificial intelligence technology, Xinhua News Agency reported.
The fund will focus on emerging industries such as intelligent robots, hardware and software. It includes a 30 billion yuan sub-fund for intelligent devices and to upgrade traditional industries.
The municipality will allot an additional 10 billion yuan for intelligent manufacturing, Xinhua said, specifically for the industrial internet, robotics, integrated circuits, information services and military-civilian integration.
In December 2017, Baidu Inc. formed a 2 billion yuan fund for AI in the Guangzhou Development District in Guangdong province.
Alphabet Inc.'s Google Inc. launched an artificial intelligence research center in Beijing around the same time.
As of May 16, US$1 was equivalent to 6.37 Chinese yuan.