(Yicai) Feb. 28 -- Beijing has launched an investment fund with as much as CNY100 billion (USD13.7 billion) to support the growth of the artificial intelligence and robotics industries, an official said.

The fund has a 15-year investment horizon and aims to direct private capital into key tech research and industrialization projects in AI and robotics, Su Guobin, deputy director of the Beijing Municipal Bureau of Economy and Information Technology, said at a press conference today.

China’s capital city also released an action plan today to hasten the development of embodied intelligence, setting ambitious targets for 2027. The blueprint aims to achieve over 100 key technological breakthroughs, develop at least 10 world-leading software and hardware products, and nurture no fewer than 50 core enterprises along the industrial chain. 

Embodied AI refers to artificial intelligence capable of learning and making decisions through real-time interaction with its environment. Experts view it as the next major advancement in robotics.

Under the plan, Beijing aims to deploy 10,000 robots with embodied intelligence by 2027. The city will prioritize their application in scientific research and education, expand their use in automobile manufacturing and retail, and explore opportunities in home services and elderly care.

Beijing is home to around 2,400 AI-related enterprises, accounting for 40 percent of the nation's total, with the core AI industry surpassing CNY300 billion (USD41.2 billion) in value last year, according to Liu Weihua, deputy director of the Zhongguancun Science Park Management Committee.

Zhongguancun, Beijing’s high-tech hub known as 'China's Silicon Valley,’ inaugurated the country's first industrial park dedicated to embodied intelligence yesterday. Set to officially open in June, the park aims to attract leading enterprises and top talent to foster innovation and economic growth.

Editor: Emmi Laine