China is set to launch a new state-backed investment fund that aims to raise about $40 billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the US and other rivals, reports Reuters. It is likely to be the biggest of three funds launched by the China Integrated Circuit Industry Investment Fund, also known as the Big Fund.
Its target of RMB 300 billion ($41 billion) outdoes similar funds in 2014 and 2019, which according to government reports, raised RMB 138.7 billion and RMB 200 billion respectively.
One main area of investment will be equipment for chip manufacturing, said one of the two people and a third person familiar with the matter.
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