China has established a new AI investment fund with an initial capital of 60 billion yuan (around US$8.2 billion).

This initiative follows the implementation of stricter export controls on advanced semiconductors by the United States and the addition of more Chinese companies to its trade blacklist.

The National AI Industry Investment Fund was registered in Shanghai on Jan. 19.

It is a joint venture involving Guozhi Investment (Shanghai) Private Equity Fund Management, which is state-backed, and the China Integrated Circuit Industry Investment Fund Phase III, according to the business registry platform Qcc.com.

The fund will focus on equity investments and asset management, although detailed specifics remain undisclosed.