China is pumping another $71.2 billion into its chip industry

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China is doubling down on its plan to dominate advanced technologies of the future by setting up its largest-ever semiconductor state investment fund, according to information posted by a government-run agency.

Worth $US47.5 billion , the fund is being created as the US imposes sweeping restrictions on the export of American chips and chip technology in a bid toWith investments from six of the country's largest state-owned banks, including ICBC and China Construction Bank, the fund underscores Chinese leader Xi Jinping's push to bolster China's position as a tech superpower.

Shares of top Chinese chipmakers have jumped after the news. Semiconductor Manufacturing International Corporation , the world's third-largest contract chipmaker, has rallied 7 per cent since Monday. Hua Hong Semiconductor, China's second-largest chip foundry and a supplier for Huawei, has gained 13 per cent.The second phase was established five years later, with a registered capital of 204.1 billion yuan .

These scandals aren't the only roadblocks that could severely undermine Xi's ambitions to get China to achieve tech self-reliance.Chinese President Xi Jinping. The new chip fund is not only a defensive move to counter Western sanctions, but also part of Xi's long-held ambitions to make China a global leader in technology.

 

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