China has concluded its largest funding round to date in support of its embattled semiconductor industry, with the so-called Big Fund raising Rmb344bn ($47bn) to aid President Xi Jinping's self-sufficiency drive in the face of US efforts to restrict the country’s access to the latest technology. The third round of the fund, officially called the National Integrated Circuit Industry Investment Fund Phase III, is China’s largest pool of capital to be targeted at seeding companies and technologies to overcome what Beijing refers to as “chokepoints” for its chip industry. It has been assembled from contributions from the finance ministry, local governments, state-owned enterprises and, for the first time, state-owned banks.
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