Baidu Inc announced on Thursday that it will set up an institute for quantum computing, where it will conduct research on the application of quantum computing software and information technology, according to media reports.

"We are planning to develop the institute to a world-class level and will gradually apply quantum computing in Baidu's future businesses within five years," the report said, citing Duan Runyao, founder of the Baidu Quantum Computing Institute.

Quantum computing is expected to be widely used in areas like artificial intelligence, medicine, weather forecasts and finance, the report said.

Alibaba Group established a quantum computing lab in cooperation with the Chinese Academy of Sciences in July 2015.

Email: gaohan@nbd.com.cn