China Launches $47.5 Billion Fund to Boost Semiconductor Industry in Third Phase

May 27, 2024, 03:15 AM

China has launched a new $47.5 billion state-backed investment fund to boost its semiconductor industry. The fund, also known as the Big Fund, aims to enhance the country's capabilities in chip manufacturing, with a significant focus on equipment for chip production. This initiative, which is the third phase of the national integrated circuit industry investment fund with registered capital of 344 billion yuan, was set up on May 24. It is part of China's broader strategy to reduce its dependency on foreign technology and catch up with global rivals such as the United States.