The Chinese government has spent more than $1bn on domestic start-ups in the hope of becoming a world leader in artificial intelligence and other technologies, according to accountancy KPMG.
The spending is part of the “Made in China 2025” plan, put in place in 2015, to improve China’s technology industry by spending hundreds of billions of dollars through venture capital funds guided by government policy.
In recent years private investors around the world have cooled on funding early-stage companies, particularly in the US.
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