Beijing Unveils Plans to Create $1.4B Robotics Fund

Beijing has unveiled plans to create a $1.4 billion robotics fund, used to promote domestic robotics technology development and innovation.

The news, announced by the Beijing Municipal Bureau of Economy and Information Technology, comes as part of a wider mission to establish the region as a leading force in the global robotics landscape. 

The new plan outlines 16 areas to improve the robotics sector, with the policies divided into four categories: technological innovation, industry agglomeration, application of technologies in daily lives and supporting services and cooperation with other relevant industries.

The fund will reportedly have a secondary use of allowing the government to provide financial support to robotics companies to establish a robotics supply chain in the city. This includes up to $4 million set aside to target bottlenecks, helping companies obtain components such as semiconductors and operating systems.

The news comes as Beijing closes its annual World Robot Conference, which saw hundreds of companies showcasing the latest robotic innovations.

China has been pursuing rapid uptake of robotics and automation technologies across sectors, and the newly announced fund marks just the latest in a series of steps to pull ahead in the global automation landscape.

Related:Lifelike Humanoid Robots, Robot Dogs on Display at Beijing’s World Robot Conference

Since the pandemic, the nation’s robotic installation has seen a boom, with no signs of slowing down. 

“China was leading the global recovery after the Covid-19 pandemic and accounted for half of worldwide robot installations in 2021,” said Marina Bill, International Federation of Robotics president. “Growth is strong across all industries with electrical and electronics being the dominant sector – up 30% to 81,600 installations.”

Earlier this year, China’s Ministry of Industry and Information Technology released a new action plan, the Robot and Application Action Plan, alongside 17 other agencies. The plan lays out steps to automate several industries including manufacturing, agriculture, energy and architecture.

At the end of 2021, China’s Ministry of Industry and Information Technology released its five-year plan for robotics alongside 14 other government departments. 

The plan outlined the main areas for improvement, including improving industrial innovation capabilities and optimizing the industrial innovation structure to establish China as a hub of robotics innovation.