Shanghai is planning to set up an artificial intelligence development fund to provide long-term and stable funding sources for core technologies, mergers and acquisitions of strategic industries and industrial chain integration, The Paper reported.

Since 2017, Shanghai has launched a series of policies to promote the development of its AI sector. The city first issued a guidance in November 2017, raising several goals for its AI development.

By 2020, the scale of Shanghai’s key AI industry will exceed 100 billion yuan (US$14.88 billion), forming about 60 application scenarios. The project seeks to build six AI demonstration districts, launch more than 100 leading projects, 10 innovation platforms, five industrial zones and 10 benchmark enterprises, according to the guidance.

In September 2018, the city put forward 22 policies to promote high-quality development of AI from the perspectives of talent, data, industry and capital. For example, the municipal government pledged to provide up to 30% of the total investment of key AI projects, with a ceiling of 20 million yuan.