An anonymous reader quotes a report from The Wall Street Journal: In a move that could further heighten tensions with the U.S., China is poised to announce a new fund of about $47.4 billion (Warning: source may be paywalled; alternative source) to spur development of its semiconductor industry as it seeks to close the technology gap with the U.S. and other rivals, according to people familiar with the matter. The new war chest by the government-backed China Integrated Circuit Industry Investment Fund Co. follows a similar fund launched in 2014 that raised $21.8 billion, largely funded by central and local government-backed enterprises and industry players. Among other efforts, the fund would be used to improve China’s ability to design and manufacture advanced microprocessors and graphic-processing units, one of the people said. Specific details including the amount could change, another person said.

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Source: Slashdot – China Plans Billion Fund To Boost Its Semiconductor Industry