Guangzhou, China. Photo: iStock

The Guangzhou municipal government has released new incentives to encourage the development of information technology, artificial intelligence and the biomedical industry (IAB), 21st Century Business Herald reported.

The government aims to nurture a world-class IAB industrial cluster in the city by 2022. It also makes clear that the scale of the leading IAB industry should grow by more than 20% annually, reaching 800 billion yuan (US$124.37 billion) by then.

For information technology projects which have reached 100 million yuan in fixed assets investment, the government will offer a reward ranging from 5 to 200 million yuan.

Artificial intelligence and biomedical projects which have invested more than 50 million yuan in fixed assets, can also earn a maximum reward of 100 million yuan.