New Business
Tech war: China creates US$8.2 billion AI investment fund amid tightened US trade controls
The new AI fund’s scope of business includes general equity investment and asset management, according to the registry service, which did not provide any details.
Its creation reflects Beijing’s determination to advance the nation’s AI capabilities, despite greater tech restrictions imposed by Washington.
Bejing made AI a national priority amid a heightened tech war between the world’s two largest economies. While the central government shores up its support for the nascent sector with favourable policies and mandates, China’s AI market is expected to be worth 5.6 trillion yuan by 2030, according to state-backed investment vehicle China International Capital Corp.
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AI chip maker ordered by US government to halt exports to China
AI chip maker ordered by US government to halt exports to China
The US Department of Commerce last week added more than two dozen Chinese entities to its Entity List, accusing them of supporting Beijing’s military advance. Blacklisted companies are barred from buying goods or services from US tech suppliers without a licence, which is generally denied.
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