According to official papers, China launched a new investment fund to support its se  miconductor industry. According to Reuters, the fund, which allocated CNY 344 billion (more than $47 billion) for chip production equipment, is primarily funded by the Chinese finance ministry and six large banks.

The China Integrated Circuit Investment Fund was formally founded on Friday, May 24, and is currently in its third phase. Known as the "Big Fund" among the community, it has been the largest fund since 2014. Tianyancha, a Chinese firm information database organization, states that the finance ministry is the main investor, holding a 17% interest and CNY 60 billion in paid-in capital.

With a 10.5% stake, China Development Bank Capital is the second-largest stakeholder. The Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications are the remaining five banks, each of which contributes about 6% of the total capital.

Two of the largest chip foundries in China, SMIC and Hua Hong Semiconductor, have previously received funding from the Big Fund. The Asian nation's will to become self-sufficient in the advanced semiconductor industry, which the US is once again pursuing through export control measures, is demonstrated by the hundreds of billions of yuan commitment.