China has set up the country’s largest-ever semiconductor investment fund to propel development of the domestic chip industry, the latest effort from Beijing to achieve self-sufficiency as the U.S. seeks to restrict its growth.
The third phase of the National Integrated Circuit Industry Investment Fund has amassed 344 billion yuan ($47.5 billion) from the central government and various state-owned banks and enterprises, including Industrial & Commercial Bank of China, according to Tianyancha, an online platform that aggregates official company registration information.
The fund was incorporated on May 24.