China has established a new state-backed investment fund with a registered capital of 344 billion yuan ($47.5 billion) to promote research and development of its own chip industry.

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The third phase of the China Integrated Circuit Industry Investment Fund was officially established on May 24, according to Tianyancha, the official company registration information website.

The fund has raised 344 billion yuan ($47.5 billion) from various state-owned banks and enterprises. China's Ministry of Finance is the largest investor in the new fund with a 17 percent share.

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While imposing restrictions on technology exports, Beijing aims to promote research and development to ensure the country's self-sufficiency in semiconductors.

In recent years, China has poured billions of dollars into semiconductor manufacturers such as SMIC and Hua Hong through two funds.

Editor: David Goodman