China’s capital Beijing has pledged to create a 10 billion yuan ($1.4 billion) industry fund to back robotics companies.
With an initial investment of at least 2 billion yuan ($274.5 million), the fund will be put to incubating the latest innovations in the sector, developing breakthrough technologies into commercial products and financing mergers-and-acquisitions of local companies in the robotics industry, besides supporting major robotics firms to go public on the Beijing Stock Exchange.
The capital commitment comes as part of the numerous measures that the city’s economy and information technology bureau announced on Thursday to accelerate the robotics industry’s development.
The bureau also committed up to 30 million yuan ($4.1 million) to support companies that deliver key components to the robotic sector. Robotic firms that help to fully automate the manufacturing lines or facilities, can receive a financial incentive of up to 30 million yuan ($4.1 million); while for strategic firms in the sector, the bureau will offer up to 30 million yuan ($4.1 million) in annual loan interest subsidy for up to three years.
Some of the other financial incentives include interest subsidies of 1% on loans for up to one year targeting micro, small, and medium enterprises that apply for loans the first time, and an annual subsidy of up to 10 million yuan ($1.4 million) for key eligible robotics parts makers.
China wants to become a global powerhouse in robotics innovation, advanced manufacturing, and integrated applications by 2025, according to its 14th Five-Year Plan.
Most recently, the country rolled out a new action plan in January to call for expanding the use cases of robots across 10 major areas including manufacturing, agriculture, construction, energy, logistics, medical care, elderly care, education, commercial services, and emergency response and applications in extreme environments, according to state media reports.
_2048x1152.jpg?width=1260&height=630&fit=cover&gravity=faces&source=nar-cms)
