China has recently set up its third state-backed investment fund to support its growing semiconductor industry with a capital of 344 billion yuan ($47.5 billion). In the last few years, China has heavily invested in its semiconductor industry with an aim to reach self-sufficiency in the sector.
The country officially established the third phase of the China Integrated Circuit Industry Investment Fund on May 24 and registered it under the Beijing Municipal Administration for Market Regulation, reported a government credit information agency. The third phase of the semiconductor industry fund will be the largest of the three funds.
China’s Ministry of Finance is the largest shareholder in the fund with a 17 percent stake and a capital of 60 billion yuan. Meanwhile, the China Development Bank Capital is the second-largest shareholder with a 10.5 percent stake in the semiconductor industry fund.
Seventeen other entities are also included as investors, including five major Chinese banks: Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications. Each of the banks contributes around 6 percent of the total capital.
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