China has poured more than $47 billion into the country’s largest-ever chip investment fund, a business database showed on Monday, as Beijing seeks self-sufficiency in the crucial semiconductor manufacturing sector.
Semiconductors are an indispensable part of the modern economy, used in everything from kitchen appliances and mobile phones to cars and weapons. The chips industry is increasingly caught in the crossfire as the United States and China vie for technological supremacy, with relations between the world’s two largest economies deteriorating in recent years.