Exclusive-China to launch new $40 billion state fund to boost chip industry, sources say

📆 2023/09/05 12:06:00
📰 YahooFinanceCA

⏱ Reading Time:
26 sec. here
2 min. at publisher
📊 Quality Score:
News: 14%
Publisher: 63%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

China is set to launch a new state-backed investment fund that aims to raise about $40 billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the U.S. and other rivals. It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund. President Xi Jinping has long stressed the need for China to achieve self-sufficiency in semiconductors.

·By Julie Zhu, Kevin Huang, Yelin Mo and Roxanne Liu

Its target of 300 billion yuan outdoes similar funds in 2014 and 2019, which according to government reports, raised 138.7 billion yuan and 200 billion yuan respectively. In October, the U.S. rolled out a sweeping sanctions package that cut China's access to advanced chipmaking equipment and U.S. allies Japan and the Netherlands have taken similar steps.China's finance ministry is planning to contribute 60 billion yuan, said one person. Other contributors could not be immediately learned.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Exclusive-China to launch new $40 billion state fund to boost chip industry, sources sayBy Julie Zhu, Kevin Huang, Yelin Mo and Roxanne Liu HONG KONG/BEIJING (Reuters) - China is set to launch a new state-backed investment fund that aims ...
Source: SaltWire Network - 🏆 45. / 63 Read more »