The fund is actually the third version of the"National Integrated Circuit Industry Investment Fund" – colloquially known as the"Big Fund."
That may be a nod to the spotty track record of China's efforts to create a local semiconductor industry. While the likes of Yangtze Memory and China Semiconductor Manufacturing International Corp have produced world-class silicon, other initiatives have cratered.
China is not allowed to buy from ASML, and its indigenous semiconductor manufacturers can't currently match the likes of TSMC and Intel.
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