China Launches $47.5B Fund to Boost Domestic Chip Industry

China has established its largest-ever semiconductor investment fund, totaling $47.5 billion, to boost its domestic chip industry amid escalating tensions with the US. The fund, known as Big Fund III, aims to achieve self-sufficiency in semiconductor production as the US imposes restrictions on China's access to advanced chips and equipment. The initiative is part of China's broader strategy to counter US technological dominance and support local chipmakers like SMIC and Huawei.