In a bid to strengthen its semiconductor sector, China has established a third state-backed investment fund, injecting a whopping $47.5 billion into the industry.
What Happened: The fund, officially known as the China Integrated Circuit Industry Investment Fund, was registered with a capital of 344 billion yuan ($47.5 billion), reported Reuters on Monday.
This move is in line with President Xi Jinping‘s emphasis on achieving semiconductor self-sufficiency in the wake of U.S. export control measures.
The fund’s third phase, also known as the “Big Fund,” was established on May 24 and is the largest of the three funds launched by the ...