China sets up third fund with $47.5 billion to boost semiconductor sector

27/5/2024 14:14

        China has set up its third planned state-backed investment fund to boost its semiconductor industry, with a registered capital of 344 billion yuan ($47.5 billion), according to a filing with a government-run companies registry.
        
        President Xi Jinping has stressed the need for China to achieve self-sufficiency in semiconductors. That need has increased after the U.S. has imposed a series of export control measures over the last couple of years, citing fears that Beijing could use advanced chips to boost its military capabilities.
        
        The third phase of the China Integrated Circuit Industry Investment Fund was officially established on May 24 and registered under the Beijing Municipal Administration for Market Regulation, according to the National Enterprise Credit Information Publicity System, a government-run credit information agency.
        The third phase will be the largest of the three funds launched by the China Integrated Circuit Industry Investment Fund, known as the "Big Fund."