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.
The latest investment vehicle is the third phase of the China Integrated Circuit Industry Investment Fund.
The first phase of the fund was set up in 2014 with 138.7 billion yuan ($19.2 billion).
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.
Last year, China’s Huawei shocked industry experts by introducing a new smartphone powered by a 7-nanometer processor made by China’s Semiconductor Manufacturing International Corporation (SMIC).
Persons:
Xi Jinping’s, Lu Jun, ”, Xi’s, Biden, China’s, Mark Rutte, Xi
Organizations:
Hong Kong CNN, Worth, China Construction Bank, China Integrated Circuit Industry Investment Fund, National Enterprise, Ministry of Industry, Information Technology, IC, US, China’s Huawei, China’s Semiconductor Manufacturing International Corporation, Huawei, Dutch
Locations:
Hong Kong, China, ICBC, Beijing, Netherlands, Japan, United States, ASML