Chinese search giant Baidu will set up an RMB 1 billion fund to support ChatGPT-like startups, CEO Robin Li announced at the JPMorgan Global China Summit on Wednesday. The fund will aim to promote the prosperity of the large language model ecology in China, Li said. Baidu will also launch a start-up competition, encouraging participants to offer ERNIE Bot-based application ideas, with the highest prize worth RMB 10 million of early-stage investment. Li hopes to encourage Chinese developers to come up with AI applications based on Baidu’s large language model ERNIE Bot, just as US developers are creating various applications based on OpenAI’s ChatGPT. [Baidu announcement, in Chinese]