China invests 1.76 billion euros in region for AI research

China plans to invest 13.8 billion yuan (currently 1.76 billion euros) in a region for companies that research artificial intelligence. China has the ambition to become a world leader in AI by 2025.

The location is located in the west of the capital Beijing and should accommodate up to 400 companies, Reuters reported in response to reports from the Chinese news agency Xinhua. According to the Chinese authorities, the business area should be good for an annual turnover of 50 billion yuan, or 6.4 billion euros.

Project developer Zhongguancun Development Group wants to work with foreign universities to open an AI research center in the area. The region also needs to attract companies that work with big data, biometric identification and deep learning. A zone for testing self-driving cars will also be set up in the outskirts of Beijing.

China has set the goal of becoming a world leader in artificial intelligence. The AI ​​industry should have an annual turnover of 150 billion yuan in 2020 and 400 billion yuan in 2025. Converted that is about 19 and 51 billion euros.

The development of the area is part of a series of plans to encourage companies to commit to development in the field of artificial intelligence. In 2017, China presented a roadmap setting out the goals. With the commitment to AI, China is also able to attract foreign companies. In December, Google announced it was opening an AI lab in Beijing.