China's Shanghai to ramp up high-tech investments

China's financial hub of Shanghai will promote investments in specialized technology including chip design, circuitry and artificial intelligence as the country pushes forward with a move toward tech self-reliance.

The city plans to provide investment help for certain qualified semiconductor projects with up to 100 million yuan ($14.47 million)in support, a statement from the government said.

The broad aim is to boost investments, enhance industrial development and speed up the construction of modern industrial systems, the government said.