(Yicai) Aug. 17 -- Beijing will establish an industry fund of CNY10 billion (USD1.4 billion) to promote innovation in robotics.

The capital city of China will form the fund to help robot startups expand, as well as support mergers, acquisitions, restructuring, fundraising, and listing of firms in the sector, China Securities Journal reported, citing a policy document issued by a government agency yesterday on the sidelines of the 2023 World Robot Conference. The event is held in Beijing till Aug. 22.

The document added that innovative companies in the sector will be supported to quickly go public on the Beijing Stock Exchange.

The city listed some of the key technological difficulties that the local robotics industry needs to overcome. It will grant up to CNY30 million (USD4.1 million) to help set up consortiums to jointly develop core technologies, including operating systems, high-performance chips, servo motors, decelerators, controllers, and artificial intelligence sensors.

The government will construct an industrial park for robotics to lure investment from global market players. Moreover, the government will release a catalog of typical application scenarios to encourage the use of robots in different sectors.

Editor: Emmi Laine