China is reportedly spending big to boost its production of chips for AI and smartphones after the US cracked down on exports

• China is planning a $41 billion fund to boost its semiconductor industry, per Reuters.
• It would the biggest of three funds launched by the country.
• The move comes as the US clamps down on exporting chips to China. 

China is planning a huge state-backed fund to boost its production of semiconductors after the US cracked down on exporting chips to the country, Reuters reported.

The fund aims to raise $41 billion for the sector, and one of its main areas of investment will be equipment for chip manufacturing, according to the news agency.