In 2017, Anhui Province launched a Quantum Science and Technology Industry Development Fund valued at approximately 10 billion yuan ($1.4 billion). The provincial fund supported quantum technology commercialization efforts concentrated in Hefei, the province’s capital and home to USTC and the National Laboratory for Quantum Information Sciences.
According to Post Quantum analysis, Hefei’s Angel Fund and Seed Fund set risk tolerance levels at 40-50 percent specifically to provide capital for quantum industrialization. The province also launched a “Quantum Information Thousand Scenarios Action” aiming to cultivate 3,000 quantum application scenarios by 2030, with substantial local government subsidies and state-owned enterprise co-investment.
Provincial and municipal quantum investment in China represented a significant channel separate from central government funding. Local government R&D funding accounted for approximately two-thirds of fiscal science and technology expenditures in China’s innovation system, making subnational programs a major source of quantum investment.