PANews reported on June 9th, citing Bloomberg, that China plans to invest approximately 2 trillion yuan (about $295 billion) over the next five years in a nationwide interconnected data center network, spearheaded by the National Development and Reform Commission and other departments, to promote domestic AI computing infrastructure. State-owned enterprises such as China Mobile and China Telecom will operate most of the data centers, aiming to use over 80% of related technologies (including AI chips) from domestic suppliers like Huawei, thus squeezing the market share of foreign manufacturers like Nvidia and AMD. Sources familiar with the matter stated that the funding will primarily be raised through sovereign debt, including ultra-long-term government bonds typically with maturities exceeding 10 years, and national strategic industry investment funds. They also indicated that bank loans and private capital will serve as supplementary funding. The sources further revealed that this 2 trillion yuan investment target does not include expenditures from private enterprises such as Alibaba Group and Tencent Holdings Limited. This project is part of China's "Six Networks" infrastructure plan, which aims to connect data centers across the country into a unified computing network by 2028, and will be coordinated with power grid construction, with a total investment potentially reaching 5 trillion yuan.