The city of Guangzhou, capital of China's economic powerhouse Guangdong province, plans to invest 10 billion yuan ($1.48 billion) to support R&D in key areas such as AI, biomedicine, new energy, and new materials.

To strengthen core technology research in key industries in Guangzhou, the city's science and technology bureau and other relevant departments proposed sparing no effort in the development of the next generation of information technology, AI, biomedicine, new materials, new energy, marine economy, and other key areas, implementing a number of major science and technology projects, and striving to develop a number of cutting-edge core technologies in the next three to five years. 

Guangzhou will put significant effort into luring national and provincial scientific and technological projects, innovate project organization methods, and greatly increase support for said projects. The amount of financial support provided to individual projects is expected to surpass 10 million yuan.

From 2019 to 2023, the governments of Guangzhou and its districts are expected to invest about 10 billion yuan into R&D projects for key areas, major platform construction, and major national and provincial projects.