Shanghai launches AI subsidy worth 1 billion Yuan for startups

China’s financial capital Shanghai has announced a subsidy programme worth 1 billion Yuan ($139 million) in its latest push to boost the city’s artificial intelligence (AI) industry.

The subsidy is aimed at placing Shanghai ahead in the AI competition with other Chinese cities, according to South China Morning Post (SCMP).

It is said to directly benefit AI startups with cost reduction and local businesses to adopt AI solutions more easily in their daily operations.

Of the package, 600 million Yuan (over $82 million) will go toward subsidising…