China will launch a new state-backed fund that aims to raise about $40-billion for its silicon chip sector, sources said.
launch a new state-backed investment fund that aims to raise about US$40-billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the US and other rivals.
President Xi Jinping has long stressed the need for China to achieve self-sufficiency in semiconductors The fundraising process will likely take months and it was not immediately clear when the third fund will be launched or if further changes will be made to the plan, said the first two sources.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
In overture to China, pope sends greetings to a 'noble' peoplePope Francis on Sunday sent greetings to China, calling its citizens a 'noble' people and asking Catholics in China to be 'good Christians and good citizens'.
Read more »
Raimondo warns China patience of US business is 'wearing thin'U.S. Commerce Secretary Gina Raimondo warned China in interviews broadcast on Sunday that the patience of U.S. business was “wearing thin,” saying American companies deserved a “predictable environment and a level playing field.” The two biggest economies in the world used to be each other’s largest trade partners, but Washington now trades more with neighboring …
Read more »
US vs China … how the tables have turnedAnalysis of the Pan African update and Fortress's results.
Read more »
Heavy rains threaten China’s rice crop in latest weather worryThe deluge would be the latest in a raft of bouts of extreme weather that have hit China this summer, with flooding in the north causing dozens of fatalities and devastating crops.
Read more »
Stocks buoyed by China stimulus, Fed outlook hopes: Markets wrapSpot gold rose 0.3% to $1 944.95 an ounce.
Read more »
Amazing Satellite Video Shows China’s Space Station Being...Tiangong is currently inhabited by the three-person Shenzhou 17 crew, but China aims to keep the orbital outpost occupied for at least a decade and potentially utilize the station for commercial purposes.
Read more »