The United States has made continual efforts to limit China's chip production, but it might not do much good. China plans to launch a fund in hopes of bolstering its semiconductor industry, Reuters reports. The state-backed endeavor is the third from the China Integrated Circuit Industry Investment Fund and aims to raise 300 billion yuan ($41 billion). The previous two funds raised 138.7 billion yuan ($19 billion) in 2014 and 200 billion yuan ($27 billion) in 2019.
About 60 billion yuan ($8 billion) is expected to come from China's finance ministry. The other contributors aren't yet known, though past backers included China Telecom and China National Tobacco Corporation. Much of the fund itself will specifically focus on creating instruments for chip manufacturing.