Shenzhen pledges $68.6m for AI development

The Shenzhen government has announced financial initiatives to promote AI development.

The plans, outlined by the Industry and Information Technology Bureau, will take effect for two years starting next Wednesday.

The government will allocate 500 million yuan (approximately US$68.6 million) to support AI companies in renting computing resources.

Individual firms are eligible for up to 10 million yuan (US$1.4 million) in subsidies.

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