AI industry development deemed crucial
Print Edition
A JOINT proposal submitted by 15 local and national advisers of the Chinese People’s Political Consultative Conference Shanghai Committee is focused on further boosting Shanghai’s artificial intelligence industry.
The city should step up efforts and release stimulus measures for companies in the Lingang Special Area of the China (Shanghai) Pilot Free Trade Zone, the proposal says.
Wang Jun, one of the lead writers and general manager of Shanghai Guojin Investment Co, said now is a crucial time for the city to develop its AI industry and encourage top companies to set up headquarters or local branches. Preferential policies to attract talent are also important for AI industry development, according to Wang.
Shanghai is already home to over 1,000 AI companies with combined industry value of 70 billion yuan (US$10.1 billion).
The city aims to foster a number of firms with strong development potential and to combine resources from all aspects of the industry value chain.
The proposal further encourages the use of AI in autonomous vehicles, online retailing, financial services and the building of a demonstration zone for innovative and integrated AI applications.
It advises the city to attract venture capital and investment institutions, and points out that there are still limitations in areas related to chip technology, hardware sensors and algorithms.
Most companies only focus on applying existing AI technologies to industry scenarios such as transportation, medical services and cyber security, the proposal suggests.
The city shall also consider offering targeted subsidies for small and micro startups.
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