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On the evening of July 26, China's commercial hub Shanghai announced 100 billion yuan ($13.79 billion) in funds to boost its integrated circuit, biomedicine, and artificial intelligence (AI) industries.

Shanghai's three major leading industry funds were established on July 22, with a total investment amount of 89.003 billion yuan. These funds are planned to be allocated to the integrated circuit, biomedicine, and artificial intelligence industries.

The integrated circuit fund, with an investment of 45.001 billion yuan, will focus on IC design, manufacturing, testing, equipment, materials, and components. The biomedicine fund, amounting to 21.501 billion yuan, will target innovative drugs and advanced formulations, high-end medical devices, biotechnology, and high-end pharmaceutical equipment. The artificial intelligence fund, with an investment of 22.501 billion yuan, will concentrate on intelligent chips, intelligent software, autonomous driving, and intelligent robotics. Additionally, the future industries fund is expected to reach a scale of 11 billion yuan.

The funds will integrate government resources with social capital, link innovative resources in a market-oriented way, support original innovation and results transformation, optimize the industrial ecosystem, and accelerate the emergence of globally competitive innovative enterprises, ultimately building world-class industrial clusters in Shanghai.

At the event, investment units for the three major leading industry funds signed agreements. Additionally, Shanghai Guotou Company, serving as the management platform for the three major leading industry funds, signed cooperation intentions with several leading enterprises, technology origin institutions, and science and technology financial institutions.

Editor：Lulu

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