An AI research institute is established by MIT and a Chinese tech company in Deqing, Zhejiang province on July 9. [Photo/zjol.com.cn]

A research institute focusing on artificial intelligence (AI) was unveiled in Deqing county, Zhejiang province on July 9, thanks to the joint efforts of the Massachusetts Institute of Technology (MIT) and China's Techconn Holding Group.

With a focus on research into AI theory and basic methods, the institute is designed to promote collaboration between industries, the academic world and businesses.

Based on MIT's advantages in disciplinary power, talent cultivation and international exchange and cooperation, the newly established institute is expected to develop into a high-end platform for AI development with global clout.

In the long run, the AI research institute plans to introduce at least 35 professionals from MIT and other world-leading colleges and universities. Within three years, the team will recruit more than 600 researchers.

In addition, the institute will bring in at least eight industrialized AI projects every year which are expected to generate production value of more than 80 million yuan ($11.64 million) a year.

The new AI institute is stationed in an intelligent ecological zone in Deqing, Zhejiang province. [Photo/zjol.com.cn]