China’s southwestern city of Chongqing plans to establish a 50 billion yuan ($7.3 billion) fund to help develop the semiconductor industry, the official Xinhua news agency said Saturday.
The Chinese city of Chongqing aims to set up a CNY50bn ($7.3bn) fund to develop a semiconductor industry in the region, according to news agency Xinhua. China is investing heavily into its own semiconductor industry, which has been hit by slowing demand and falling prices. The Chinese government aims to reduce its reliance on imported semiconductors and has prioritised the industry in its Made in China 2025 plan.