China readies $27-bn chip fund to counter US curbs
Financial Express Mumbai|March 09, 2024
CHINA IS IN the process of raising more than $27 billion for its largest chip fund to date, accelerating the development of cutting-edge technologies to counter a US campaign to thwart its rise.
DONG CAO & GAO YUAN
China readies $27-bn chip fund to counter US curbs

The National Integrated Circuit Industry Investment Fund is amassing a pool of capital from local governments and state enterprises for its third vehicle that should exceed the 200 billion yuan of its second fund, according to people familiar with the matter.

Known as the Big Fund, the state-backed firm is expanding its remit just as the US prepares to sharply escalate technology curbs designed to curtail Chinese chip and artificial intelligence progress.

The establishment of a much larger third fund - directly overseen by China's powerful tech ministry - signals a resurgent effort to harness the world's largest semiconductor market after years of mixed success with central stewardship. Huawei Technologies and its partner Semi- conductor Manufacturing International Corp still had to rely on US-origin technology to build an advanced processor last year.

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