Shanghai launches $13.8 billion in funds to boost integrated circuit, biomedicine, AI sectors

BEIJING (Reuters) - China’s commercial hub Shanghai on Friday announced 100 billion yuan ($13.79 billion) in funds to boost its integrated circuit, biomedicine and artificial intelligence (AI) industries.

The fund for the AI sector will focus on fields including intelligent chips, software, autonomous driving and intelligent robots, Shanghai’s government said in a statement.

The money will be used to support original innovation, and accelerate emergence of globally competitive enterprises in Shanghai, the government said.

($1 = 7.2500 Chinese yuan renminbi)

(Reporting by Ethan Wang and Ryan Woo; Editing by Louise Heavens)