China Invites Foreign Cash to Build a World-Class Chip Industry [Bloomberg Business News]
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Source: Bloomberg Business News
Bloomberg News Beijing takes foreign money for its second chip-sector fund The surprise announcement comes as U.S.-China tensions simmer China wants foreign investment in its plan to become a world-class player in semiconductors, a surprise move at a time the U.S. opposes the Asian nation’s goal of dominating next-generation technologies. As part of efforts to reduce an overwhelming reliance on foreign technology, the Chinese government set up a fund that aims to raise up to 200 billion yuan ($31.7 billion) to back a spectrum of domestic firms from processor designers to equipment makers. The China Integrated Circuit Industry Investment Fund Co. will now take foreign money, the country’s tech industry overseer said Wednesday. “The second phase of the national IC fund is still raising money. We welcome overseas companies to participate in the fund,” Chen Yin, general engineer and spo
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