China’s Shenzhen lays down marker for tech investment with US$22 billion pledge
Shenzhen plans to invest 160 billion yuan (US$22.07 billion) in "new-type infrastructure" this year to boost emerging sectors like artificial intelligence and maintain its competitive edge. Shenzhen Mayor Qin Weizhong urged the city to embrace challenges with the spirit of a "seabird braving the storm," emphasizing action and responsibility to drive high-quality development.
This initiative comes as Shenzhen faces increasing competition from other Chinese cities, particularly Hangzhou, which has seen success in AI and robotics. The city has set ambitious goals for 2025, including a 5.5% GDP growth target, a 2% increase in the consumer price index, a 3% rise in public budget revenue, and the creation of 200,000 new jobs, reflecting its commitment to being a major economic powerhouse.
via SCMP Full Text Feed
Shenzhen plans to invest 160 billion yuan (US$22.07 billion) in "new-type infrastructure" this year to boost emerging sectors like artificial intelligence and maintain its competitive edge. Shenzhen Mayor Qin Weizhong urged the city to embrace challenges with the spirit of a "seabird braving the storm," emphasizing action and responsibility to drive high-quality development.
This initiative comes as Shenzhen faces increasing competition from other Chinese cities, particularly Hangzhou, which has seen success in AI and robotics. The city has set ambitious goals for 2025, including a 5.5% GDP growth target, a 2% increase in the consumer price index, a 3% rise in public budget revenue, and the creation of 200,000 new jobs, reflecting its commitment to being a major economic powerhouse.
via SCMP Full Text Feed
