Technology ministry, Ping An Bank announce $30bn electronics fund

China’s Ministry of Industry and Information Technology has announced it will partner with Ping An Bank via an industry group it controls to establish a US$30 billion fund to support the country’s electronics industry, The New York Times reported, citing state media. The signing ceremony was attended by representatives from representatives of major Chinese tech firms including Lenovo and Alibaba. Official accounts did not explain how exactly the money would be invested, but the language used to announce the fund’s debut echoed that of another fund announced in 2014 and intended to provide financing and enable acquisitions by the country’s semiconductor industry.