China Launches $1.4 Billion Fund to Foster Robotics Innovation and Growth
The fund will be used to help incubate the latest innovation, develop commercial products and finance mergers-and-acquisition activities
The Beijing municipal government also plans to provide generous subsidies and incentives to spur the creation of a robotics supply chain in the city
Beijing is setting up a 10 billion yuan (US$1.4 billion) fund to promote robotics technology development in the Chinese capital, as part of a broader effort to establish the city as “an international industrial highland” of this industry.
An initial capital of 2 billion yuan has already been pledged by the Beijing municipal government for that fund, according to a notice published by the city’s technology promotion agency on its official website.
The robotics fund will be used to help incubate the latest innovation, develop these breakthroughs into commercial products and finance mergers-and-acquisition activities of local companies involved in the industry, according to the notice from the Beijing Municipal Bureau of Economy and Information Technology.
In addition, the Beijing municipal government plans to provide generous subsidies and incentives to spur the creation of a robotics supply chain in the city.
That includes up to 30 million yuan in support for obtaining key components such as semiconductors and operating systems, development of facilities for companies and researchers to build prototypes, and drawing up automated processes for manufacturing robots.
The latest tech initiative by Beijing reflects China’s commitment to use robotics to expand automation in a range of industries.
Under the Robot + Application Action Plan launched in January by the Ministry of Industry and Information Technology and 17 other government agencies, the country will accelerate the application of robotics in areas that include manufacturing, agriculture, logistics, energy, healthcare, education and elderly services.
The goal is to achieve more than 100 innovative robotics applications and over 200 model use cases where the technology can be applied, as the country works towards transforming into a global robotics power by 2025.
The latest tech initiative by Beijing reflects China’s commitment to use robotics to expand automation in a range of industries. Image: Shutterstock
The latest tech initiative by Beijing reflects China’s commitment to use robotics to expand automation in a range of industries. Image: Shutterstock
Beijing is setting up a 10 billion yuan (US$1.4 billion) fund to promote robotics technology development in the Chinese capital, as part of a broader effort to establish the city as “an international industrial highland” of this industry.
An initial capital of 2 billion yuan has already been pledged by the Beijing municipal government for that fund, according to a notice published by the city’s technology promotion agency on its official website.
The robotics fund will be used to help incubate the latest innovation, develop these breakthroughs into commercial products and finance mergers-and-acquisition activities of local companies involved in the industry, according to the notice from the Beijing Municipal Bureau of Economy and Information Technology.
In addition, the Beijing municipal government plans to provide generous subsidies and incentives to spur the creation of a robotics supply chain in the city.
An indoor delivery robot, right, and a smart courier vehicle are seen at the opening of the World Robot Conference 2023 in Beijing on August 16, 2023. Photo: Xinhua
An indoor delivery robot, right, and a smart courier vehicle are seen at the opening of the World Robot Conference 2023 in Beijing on August 16, 2023. Photo: Xinhua
That includes up to 30 million yuan in support for obtaining key components such as semiconductors and operating systems, development of facilities for companies and researchers to build prototypes, and drawing up automated processes for manufacturing robots.
The latest tech initiative by Beijing reflects China’s commitment to use robotics to expand automation in a range of industries.
Under the Robot + Application Action Plan launched in January by the Ministry of Industry and Information Technology and 17 other government agencies, the country will accelerate the application of robotics in areas that include manufacturing, agriculture, logistics, energy, healthcare, education and elderly services.
The goal is to achieve more than 100 innovative robotics applications and over 200 model use cases where the technology can be applied, as the country works towards transforming into a global robotics power by 2025.
The Beijing municipal government said it will encourage robotics companies to set up shop in the proposed Beijing-Tianjin-Hebei megalopolis, as part of plans to create a robotics supply chain in the area.
Robotics firms based in the Chinese capital are also being encouraged to align their operations to international and domestic industry standards, according to the notice, as a means to boost business development outside the country.
The move to create a Beijing robotics fund comes months after the municipal government announced a three-year plan in June to develop its robotics industry, which it expected to surpass 30 billion yuan by 2025.
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