China announces high-tech fund to grow AI, emerging industries
Fresh off the global success of DeepSeek’s latest artificial intelligence reasoning model, China’s top economic officials have vowed to set up a state-backed fund to support technological innovation.
The “state venture capital guidance fund” will focus on cutting-edge fields such as artificial intelligence, quantum technology and hydrogen energy storage, Zheng Shanjie, head of China’s state economic planner, told reporters Thursday on the sidelines of the annual gatherings of China’s rubber-stamp national legislature and advisory body.
The fund is expected to attract nearly 1 trillion yuan ($138 billion) in capital over 20 years from local governments and the private sector, added Zheng, chairman of the National Development and Reform Commission.