China Speech Valley, which is located in Hefei, is a hub for the AI industry. [Photo/WeChat ID: hefeigaoxinfabu]

Hefei recently issued several policies to boost new-generation artificial intelligence (AI) innovation and development.

According to the policies, rewards and subsidies will be provided to promote the high-quality development of the AI industry.

The city is expected to support enterprises, universities and institutes to cooperate in industrial technology research and development, and a project subsidy up to 5 million yuan ($738,548.09) will be on the table for qualified candidates.

To encourage China's top 100 AI companies or unicorn companies to establish their regional headquarters or R&D centers in Hefei, a subsidy of up to 10 million yuan will be offered for their R&D spending.

A one-time reward of 1 million yuan will be provided to support the construction of AI industrial parks and technology business incubators.

In addition, a one-time reward of 10 million yuan will be given to newly-recognized national new-generation AI open innovation platforms.

The policies will take effect on Aug 15 and will be valid for two years.