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.

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