China is launching its largest state fund for chip development, worth $47.5 billion, in response to U.S. restrictions on technology exports, bolstering its efforts to dominate advanced technology. Writes UNN with reference to CNN.
Details
Investments from six of China's leading state-owned banks, including ICBC and China Construction Bank, have helped create a major new fund that is part of Chinese leader Xi Jinping's strategy to strengthen the country's technological leadership.
The move reflects the strategic plan “Made in China 2025”, which aims to make China a global leader in areas such as artificial intelligence, 5G and quantum computing,
The fund was officially launched in Beijing on Friday, according to the National Enterprise Credit Information Advertising System, and is the third phase of the China Integrated Circuit Industry Investment Fund.
The first phase of the China Integrated Circuit Industry Investment Fund was launched back in 2014 with a capital of 138.7 billion yuan ($19.2 billion), and five years later, the second phase was launched with a capital of 204.1 billion yuan ($28.2 billion).
This investment aims to bring China's chip industry up to global standards by 2030, focusing resources primarily on chip manufacturing, design, equipment, and materials, as stated by the Ministry of Industry and Information Technology at the launch of the first phase.
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