The park, which could house 400 enterprises, is part of China’s larger mission to become a world leader in artificial intelligence by 2025. By Olivia Krauth | January 3, 2018, 7:22 AM PST Beijing is building a $2.12 billion-13.8 billion yuan-artificial intelligence (AI) research park, the official Xinhua news agency reported Wednesday.

The announcement comes as China tries to solidify its spot as a global AI leader by 2025, potentially leading to a power shift between China and the US according to one report. China has led the international AI race since 2014, when it stole the top spot from the US, according to the MIT Technological Review.

Chinese authorities estimate the park’s 400 enterprise spots will produce 50 billion yuan-about $7.68 billion-annually. The park will focus on emerging technologies including big data, deep learning, cloud computing, and biometric identification, according to Reuters.

SEE: Quick glossary: Artificial intelligence (Tech Pro Research) The park developer, Zhongguancun Development Group, also plans to build an AI lab for foreign university partnerships, according to Xinhua. Some tech giants, including Google, have built or are looking to build AI research centers in the country.

The investment supports China’s dedication to the AI industry, which its State Council hopes to grow to a 150 billion yuan industry by 2020, and to 400 billion yuan by 2025, according to the Xinhua report. In 2015, McKinsey predicted AI could turn into a $50 trillion dollar industry around the world. Read more from techrepublic.com…

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