China launches $47.5B state-backed fund for domestic chip industry self-sufficiency under US restrictions.

China has launched a $47.5 billion state-backed fund to propel the domestic chip industry, aiming for self-sufficiency amid US restrictions. The National Integrated Circuit Industry Investment Fund's third phase is the country's largest-ever semiconductor investment, amassing 344 billion yuan from the central government and state-owned banks. China's finance ministry is the largest shareholder, with a 17% stake.