Foshan launched two industrial funds worth at least US$488 million combined, to be ‘professionally managed’ for the robotics industry
The city of Foshan, the country’s furniture and ceramics manufacturing hub in southern Guangdong province, has rolled out multiple initiatives to support the robotics industry in the latest example of how local governments are embracing the country’s strategic industries.
The Greater Bay Area city launched two industrial funds worth at least 3.5 billion yuan (US$488 million) combined, which would be “professionally managed” for the robotics industry, Foshan Vice Mayor Liu Jie said at a press conference in the city on Tuesday.
The local fiscal authority would grant at least 150 million yuan every year to support research and development, with each “key technology breakthrough project” receiving a maximum of 50 million yuan. This would cover core components like controllers, sensors, high-performance motors, lightweight materials and robotic bionic skin, according to a press release on Tuesday.
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