China Launches $47.5 Billion Fund to Boost Semiconductor Industry on May 24

May 27, 2024, 03:45 AM

China has launched a new $47.5 billion state-backed investment fund, known as the Big Fund, to boost its semiconductor industry. This initiative marks the third phase of the national integrated circuit industry investment fund, with a registered capital of 344 billion yuan. The fund aims to enhance the country's chip manufacturing capabilities, with a significant focus on equipment for chip production. China's finance ministry is the largest shareholder, holding a 17% stake. The fund was set up on May 24. This move is part of China's ongoing efforts to catch up with the US and other global competitors in the semiconductor sector.