China Creates $47.5 Billion Chip Fund to Fuel Self-Resilience [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
latest effort from Beijing to achieve self-sufficiency as the US seeks to restrict its growth. Most Read from Bloomberg The third phase of National Integrated Circuit Industry Investment Fund has amassed 344 billion yuan ($47.5 billion) from the central government and various state-owned banks and enterprises, including Industrial & Commercial Bank of China Ltd., according to Tianyancha, an online platform that aggregates official company registration information. The fund was incorporated on May 24. ADVERTISEMENT The largest shareholder is China's Ministry of Finance, while investment firms owned by local governments in Shenzhen and Beijing also contributed. The Shenzhen government has been funding several chipmaking plants in South China's Guangdong province in an attempt to free Huawei Technologies Co. from years of US sanctions that cut it off from a great number of imported semiconductor components. Superpowers led by the US and European Union have funneled nearly $81 b
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