China has set up the country's largest-ever semiconductor investment fund to propel development of the domestic chip industry, the latest effort from Beijing to achieve self-sufficiency as the US seeks to restrict its growth.
The third phase of the National Integrated Circuit Industry Investment Fund, also known as the "Big Fund", has amassed 344 billion yuan (S$65.4 billion) from the central government and various state-owned banks and enterprises, including the Industrial and Commercial Bank of China, according to Tianyancha, an online platform that aggregates official company registration information. The fund was incorporated on May 24.
The latest investment vehicle, known as Big Fund III, underscores a renewed push from President Xi Jinping's government to build its own semiconductor industry as tensions with the US escalate.
The Biden administration has imposed sweeping restrictions on China's ability to buy advanced chips and chipmaking equipment.
It is now also urging allies - including the Netherlands, Germany, South Korea and Japan - to further tighten curbs on China and plug holes in export controls.
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