Shenzhen invests 2.32bn USD in biomedical, AI, and NEV industries, sees 21.1% AI growth and 104.2% NEV production increase.

Shenzhen, a tech hub in Guangdong Province, China, is focusing on artificial intelligence (AI), new energy vehicles (NEV), and biomedical industries by creating independent offices for each sector staffed by young professionals. The city has allocated 16.5 billion yuan (about $2.32 billion) in funds to support biomedicine. In 2023, Shenzhen's AI industry output surpassed 300 billion yuan, reflecting a 21.1% annual growth, while NEV production surged 104.2% with over 1.73 million vehicles.

October 26, 2024
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