China launches $47bn chip fund to counter U.S. restrictions
- China establishes its largest semiconductor state investment fund, supported by major state-owned banks, aligning with Xi Jinping's goal to enhance China's tech dominance.
- The fund aims to elevate China's semiconductor industry to global standards by 2030, focusing on chip manufacturing, design, and materials, as a defensive measure against Western sanctions.
- This initiative, known as the "Big Fund," reflects China's ambition to lead in technology and advance industries like AI, 5G, and quantum computing.
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