China to Spend $5 Billion on Microchip Industry

The Chinese government is spending almost $5 billion on a new fund to support the country’s microchip industry, as China moves to bolster what it has long considered a strategically important segment of its economy.

The fund, which China’s Ministry of Industry and Information Technology announced late Wednesday, will focus on investment in Beijing to increase chip production and enhance facilities for chip design and testing. It will also support mergers and acquisitions to create bigger players, the ministry said.

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