China to Launch National Venture Capital Fund to Support Tech Startups

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China is set to establish a government-backed national venture capital guidance fund, which aims to mobilize 1 trillion yuan ($138.01 billion) from social capital to support technology startups. The fund will primarily focus on “hard technology” sectors, such as semiconductors, renewable energy, artificial intelligence (AI), quantum technology, and hydrogen energy storage, according to Zheng Shanjie, head of China’s state planner, the National Development and Reform Commission (NDRC).

This new investment vehicle will be structured as a public-private partnership, and it is designed to maintain long-term investment cycles, demonstrating greater risk tolerance. The goal is to support early-stage technology enterprises through market-based methods, allowing for greater flexibility and innovation.

The announcement came a day after Premier Li Qiang told lawmakers that China aims to sustain economic growth at approximately 5% this year, despite challenges posed by tariff pressures. As part of broader efforts to foster technological breakthroughs and enhance self-reliance, China also stated it would bolster support for AI application and venture capital investment.

The fund will prioritize cutting-edge technologies like AI and quantum computing, alongside energy innovations such as hydrogen energy storage. It will focus on investing in seed-stage and startup companies, leveraging market-oriented approaches to drive growth in these strategic areas, as reported by state media CCTV.

Malaysia Discusses Absorbing Potential U.S. Semiconductor Tariffs with Chip Companies

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Malaysia is engaging with local semiconductor companies to discuss whether they can absorb the potential impact of U.S. tariffs on chips, according to Trade Minister Tengku Zafrul Aziz. The Southeast Asian country, which is a key player in the global semiconductor industry, is home to major U.S. chipmakers such as Intel and GlobalFoundries and is one of the leading exporters of chips to the United States.

In February, U.S. President Donald Trump announced intentions to impose tariffs of “25% or higher” on semiconductors, though the timeline for this decision remains unclear. Malaysia’s government is assessing the potential impact of these tariffs, with discussions focusing on whether the cost would be absorbed by the companies or passed on to consumers.

Tengku Zafrul stated that while exports would continue, someone would need to bear the increased cost, and it remains unclear whether the government will offer financial support to mitigate the effects of these tariffs. In 2023, Malaysia exported $16.2 billion worth of chips to the U.S., accounting for almost 20% of all U.S. semiconductor imports, highlighting the potential impact of the tariffs on Malaysia’s economy.

Regarding the growth of Malaysia’s data center industry, Tengku Zafrul assured that export restrictions on advanced chips imposed by the previous U.S. administration would not significantly affect the sector. The demand for artificial intelligence (AI) continues to drive investments, with U.S. tech giants like Microsoft, Google, Amazon, and Oracle establishing data centers in Malaysia.

However, the new restrictions, which take effect in May, limit U.S. cloud providers’ AI computing power deployment outside the U.S. to 50%, with only 7% allowed in countries like Malaysia that do not have privileged access to U.S. chips. Despite these restrictions, Tengku Zafrul emphasized that Malaysia’s data centers would not be affected, citing that U.S. companies operating in the country have adequate allocations under the new rules.

The strong growth of the data center sector in Malaysia is expected to continue, fueled by the high demand for AI technologies.

Google Reports 250 Complaints Over AI-Generated Deepfake Terrorism Content to Australian Regulator

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Google has informed Australian regulators that it received over 250 complaints globally between April 2023 and February 2024, indicating that its AI technology, specifically the Gemini model, was being used to create deepfake terrorism content. Additionally, the company reported dozens of complaints regarding the use of Gemini to generate child abuse material, according to the Australian eSafety Commission.

Under Australian law, tech companies are required to periodically report their harm minimization efforts to the eSafety Commission, or risk facing fines. This reporting period marks the first disclosure of such data, which regulators have described as a “world-first insight” into how AI is being exploited for harmful and illegal purposes.

The Australian eSafety Commission emphasized the importance of companies developing AI products to implement safeguards to prevent the generation of harmful material. eSafety Commissioner Julie Inman Grant stated that the findings highlight the critical need for effective protective measures.

According to Google’s report, it received 258 user complaints about AI-generated deepfake terrorist or extremist content created with Gemini, along with 86 reports concerning AI-generated child exploitation or abuse material. However, the company did not specify how many of these complaints were verified.

A Google spokesperson confirmed that the company does not allow the generation or distribution of illegal content, including material related to terrorism, child exploitation, or other abuses. Google also noted that the number of reports provided to eSafety represents the total global volume of complaints, not confirmed policy violations.

While Google uses a system called “hatch-matching” to identify and remove child abuse content generated with Gemini, the company did not apply the same system to detect terrorist or extremist material. This lack of a similar safeguard for violent content has raised concerns among regulators.

The Australian eSafety Commission has previously fined Telegram and Twitter (now X) for their inadequate reporting practices, with X losing an appeal over a fine of A$610,500 ($382,000). Telegram is also preparing to challenge its fine.