China's preparing $40-billion state fund to boost chip industry

launch a new state-backed investment fund that aims to raise about US$40-billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the US and other rivals.

President Xi Jinping has long stressed the need for China to achieve self-sufficiency in semiconductors The fundraising process will likely take months and it was not immediately clear when the third fund will be launched or if further changes will be made to the plan, said the first two sources.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Raimondo warns China patience of US business is 'wearing thin'U.S. Commerce Secretary Gina Raimondo warned China in interviews broadcast on Sunday that the patience of U.S. business was “wearing thin,” saying American companies deserved a “predictable environment and a level playing field.” The two biggest economies in the world used to be each other’s largest trade partners, but Washington now trades more with neighboring …
Source: SABCNews - 🏆 37. / 51 Read more »

Stocks buoyed by China stimulus, Fed outlook hopes: Markets wrapSpot gold rose 0.3% to $1 944.95 an ounce.
Source: Moneyweb - 🏆 5. / 77 Read more »