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Fujitsu Ltd. said Friday it has established a subsidiary in Shanghai to reinforce its semiconductor business in the growing Chinese market.

The subsidiary, Fujitsu Microelectronics (Shanghai) Co., is capitalized at $400,000 and wholly owned by Fujitsu (China) Co. It is engaged in the design, development and sales of semiconductors.

The new company started operations Thursday and has a sales target of $223 million for fiscal 2004.

Fujitsu said the Fujitsu group now has the ability to design, develop, manufacture and sell semiconductors in China, a task previously undertaken by Singapore-based Fujitsu Microelectronics Asia Pte. and Hong Kong-based Fujitsu Microelectronics Pacific Asia Ltd.

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