Zhejiang aims to have 3,000 AI firms, US$140b in AI-generated revenue by 2027

These economic powerhouses will lead the way in crafting an AI industrial chain across the province, with neighboring localities chipping in based on their respective strengths.

Zhejiang will have more than 3,000 AI companies with a total revenue surpassing 1 trillion yuan (US$140.52 billion) in 2027, according to a guideline issued by the provincial government.

As one of China’s most prosperous regions, Zhejiang in eastern China has long been a hothouse for innovations in AI and other technologies.

To take things to the next level, the guideline mandates that by 2027, the province, which borders Shanghai, Jiangsu and Fujian, is to become a significant new “commanding height” in the AI industry.

It should boast 10 AI-themed industrial clusters with annual revenue of 100 billion yuan each, 15 provincial-level pilot areas for AI applications and 100 specialized industrial parks, the guideline says.

Under the guideline, Zhejiang is inclined to target a few areas in its quest to develop AI capabilities and achieve major breakthroughs.

The province looks to double down on fundamental theoretical research on AI and create a host of AI labs to spur this endeavor.

The scope of their research will cover large language model, core algorithms and data technology.

Image credit: Pexels

Forward-looking industrial planning is an underpinning of China’s evolution into an AI titan. Likewise, Zhejiang this time around aims to cultivate its AI sector around two cities, namely, Hangzhou and Ningbo.

These economic powerhouses will lead the way in crafting an AI industrial chain across the province, with neighboring localities chipping in based on their respective strengths.

The guideline expounds the need to explore AI applications by forming industrial agglomerations surrounding brain-inspired intelligence, humanoid robotics, and the metaverse.

Funding has been another major concern in the document, which states cities and prefectures within the province ought to set up funds devoted to AI.

Private capital groups, banks, Insurance companies and even state funds are also encouraged to invest long-term into early-stage AI startups.

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Ni Tao

Ni Tao is the founder and editor-in-chief of cnrobopedia. Prior to cnrobopedia, he had a full decade of experience with a major state-run English-language newspaper as a tech reporter and opinion writer. He is also a communications specialist, having provided consultancy services to established firms like Siemens, Philips, ABinBev, Diageo, Trip.com Group (Nasdaq: TCOM, HK: 9961), Jianpu Technology (NYSE: JT) and a handful of domestic startups. A graduate of Fudan University, he writes widely about China's business and tech scenes and other topics for global publications including South China Morning Post, SupChina, The Diplomat, CGTN, Banking Technology, among others, and tries to impart his experience to students at Fudan University Journalism School, where he is a part-time lecturer. When he's not writing about robotics, you can expect him to be on his beloved Yanagisawa saxophones, trying to play some jazz riffs, often in vain and occasionally against the protests of an angry neighbor. Get in touch with him by dropping a line at nitao0927@gmail.com.

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