China chip industry gets $47.5 billion in new funding

Hong Kong CNN — China is doubling down on its plan to dominate advanced technologies of the future by setting up its largest-ever semiconductor state investment fund, according to information posted by a government-run agency. Worth $47.5 billion, the fund is being created as the US imposes sweeping restrictions on the export of American chips and chip technology in a bid to throttle Beijing's ambitions. With investments from six of the country's largest state-owned banks, including ICBC and China Construction Bank, the fund underscores Chinese leader Xi Jinping's push to bolster China's position as a tech superpower. With its Made…