China creates state-owned firm in Xiongan to develop nation’s AI data resources
China has set up a new state-owned enterprise dedicated to managing the country’s massive data resources, a significant move designed to turbocharge the nation’s artificial intelligence industry and bolster its digital economy. The National Data Group Co – based in China’s “city of the future”, Xiongan New Area in northern Hebei province – is tasked with “developing and utilising data resources,…
China has established a state-owned entity in Xiongan, a futuristic city in northern Hebei province, to harness the nation's vast data resources and propel its artificial intelligence (AI) industry. The newly formed National Data Group Co will manage data assets, extract value from them, and support AI development, according to state news agency Xinhua.
Vice-Premier Ding Xuexiang inaugurated the company recently, describing its creation as a crucial strategic decision led by President Xi Jinping to secure China's position in AI development, advance a "digital China," and establish new competitive advantages. Xiongan, which currently hosts relocated state-owned institutions from Beijing, aims to cultivate its own industries and draw in technology firms that could reach 10 billion yuan (US$1.5 billion) valuations and potentially list on major stock markets, including Hong Kong's.
The focus lies on sectors like AI, satellite internet, and robotics. Initially planned in April 2017 by Xi, Xiongan encompasses three counties and surrounding areas in Hebei province, roughly 60 miles southwest of Beijing. State-owned enterprises like China Satellite Network Group and China Huaneng have already moved their headquarters to the city.
Since 2023, Xiongan has welcomed 157 second- and third-tier subsidiaries of central state-owned enterprises.
Written by urgent.news from SCMP Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
