Shenzhen Subsidies Companies to Boost AI Industry

(CLO) The Chinese city government of Shenzhen has just issued a series of subsidy policies worth tens of millions of dollars to promote the development of the artificial intelligence (AI) field.

Shenzhen has just launched a large financial support package for AI projects, marking a new step in its efforts to promote the development of this industry.

According to the Shenzhen Industry and Information Technology Bureau, the government will provide 500 million yuan (about 68.6 million USD) in support for AI enterprises. Specifically, each eligible company will be supported with up to 10 million yuan for renting computers and 50 million yuan for purchasing AI training data.

Illustration: AI

In addition, Shenzhen will also spend 300 million yuan a year on AI-related research. Basic research subsidies will be around 10 million yuan per project, and can reach 30 million yuan for projects with major “breakthroughs.”

While the size of the subsidies is small compared to investments from private US companies, Shenzhen’s decision to provide financial support underscores China’s strong commitment to the development of the industry. The measures will take effect for two years starting next Wednesday.

In addition, Shenzhen-based enterprises will be supported with up to 2 million yuan to purchase licensed AI models. At the same time, a budget of 100 million yuan will be set aside for AI application in key industries.

AI application projects in high-end manufacturing, modern services and scientific research will also enjoy subsidies of up to 2 million yuan. For breakthrough projects, subsidies can be as high as 10 million yuan.

The Shenzhen government has also earmarked 50 million yuan for AI projects related to city management and public services. Companies developing AI applications in areas such as education, health care, transportation, public security and environmental protection can receive subsidies of up to 5 million yuan per project.

AI companies with commercialized products can receive up to 10 million yuan, newly established AI labs can receive 5 million yuan, and international AI events can be sponsored up to 3 million yuan.

Eligible small and medium enterprises (SMEs) and startups will be exempted from office rent for 6 months to 3 years.

In addition, Shenzhen also has a policy package to support leading AI experts and startups. Startups established within 6-48 months will be supported from 300,000 to 1 million yuan, with special incentives for those with overseas education.

Ha Trang (according to SCMP, myNEWS, GI)

Source: https://www.congluan.vn/tham-quyen-tang-tien-cho-cac-cong-ty-de-thuc-day-nganh-cong-nghiep-ai-post326751.html