China is pumping another $47.5 billion into its chip industry

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China is setting up its largest-ever state investment fund for the semiconductor industry amid rising tensions with the US over the technology.

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 $47.5 billion, the fund is being created as the US imposes sweeping restrictions on the export of American chips and chip technology in a bid to throttle Beijing’s ambitions.

In 2022, the country’s anti-graft watchdog launched a crackdown on the semiconductor industry, investigating some of China’s top figures in state-owned chip companies. Lu Jun, former chief executive of Sino IC Capital, which managed the “Big Fund,” was probed and indicted on bribery charges in March, according to a statement by the country’s top prosecutor. These scandals aren’t the only roadblocks that could severely undermined Xi’s ambitions to get China to achieve tech self-reliance.

 

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