Exclusive-China to launch new $40 billion state fund to boost chip industry, sources say

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By Julie Zhu, Kevin Huang, Yelin Mo and Roxanne Liu HONG KONG/BEIJING (Reuters) - China is set to launch a new state-backed investment fund that aims ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Julie Zhu, Kevin Huang, Yelin Mo and Roxanne Liu

Its target of 300 billion yuan outdoes similar funds in 2014 and 2019, which according to government reports, raised 138.7 billion yuan and 200 billion yuan respectively. In October, the U.S. rolled out a sweeping sanctions package that cut China's access to advanced chipmaking equipment and U.S. allies Japan and the Netherlands have taken similar steps.China's finance ministry is planning to contribute 60 billion yuan, said one person. Other contributors could not be immediately learned.

 

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