Deals
China Invites Foreign Cash to Build a World-Class Chip Industry
- Beijing takes foreign money for its second chip-sector fund
- The surprise announcement comes as U.S.-China tensions simmer
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China wants foreign investment in its plan to become a world-class player in semiconductors, a surprise move at a time the U.S. opposes the Asian nation’s goal of dominating next-generation technologies.
As part of efforts to reduce an overwhelming reliance on foreign technology, the Chinese government set up a fund that aims to raise up to 200 billion yuan ($31.7 billion) to back a spectrum of domestic firms from processor designers to equipment makers. The China Integrated Circuit Industry Investment Fund Co. will now take foreign money, the country’s tech industry overseer said Wednesday.