NEWS Desk Global
CHINA SETS UP THIRD FUND WITH $47.5 BLN TO BOOST SEMICONDUCTOR SECTOR
China has set up its third planned state-backed investment fund to boost its semiconductor industry, with a registered capital of 344 billion yuan ($47.5 billion).
The hundreds of billions of yuan invested in the sector puts into perspective President Xi Jinping's drive to achieve self-sufficiency for China in semiconductors. That commitment has taken on renewed urgency after the U.S. imposed a series of export control measures over the last couple of years, citing fears Beijing could use advanced chips to boost its military capabilities.
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