Shanghai: China is aiming to transform its financial capital Shanghai into a leading center in the development of artificial intelligence (AI), with the city announcing a subsidy program in the latest effort to boost the local industry. The move comes as Chinese Premier Li Qiang proposed the establishment of an organization to promote global cooperation in the development of AI during his speech at the opening ceremony of the World Artificial Intelligence Conference in Shanghai on Saturday.

According to Anadolu Agency, Chinese Foreign Ministry spokesman Guo Jiakun announced in a news conference in Beijing that China was considering establishing the organization's headquarters in Shanghai. This initiative is intended to leverage Shanghai's pioneering role in AI and foster international collaboration. The subsidy program announced by Shanghai, valued at 1 billion yuan ($139 million), aims to bolster the city's AI industry, allowing it to compete with other Chinese cities that are also investing in AI ecosystems.

The subsidy package includes funds to reduce expenses for start-ups and encourage the local adoption of AI technologies. These subsidies will be utilized to enhance computing power, provide discounts on third-party AI models, and assist companies in acquiring datasets necessary for training new models.

A joint statement released at the conclusion of the World Artificial Intelligence Conference emphasized AI as a "new frontier in human development" and a "key driving force of the ongoing scientific and technological revolution." It also highlighted the dual nature of AI, presenting both unprecedented opportunities and challenges, and stressed the importance of global cooperation to ensure AI's potential is fully realized while maintaining its safety and fairness.