China sets up US$47.5B semiconductor fund to fuel domestic industry.

China has established a new semiconductor fund worth US$47.5 billion to support its domestic industry. The fund was created through contributions from the federal finance ministry, state-owned firms, and local governments. This move comes as the United States seeks to limit China's access to advanced semiconductors and the necessary equipment and capital to produce them. China has responded by taking legal action and making commitments to achieve self-reliance in critical technologies. Previous funds have been used to expand domestic foundries and equipment manufacturers. [Extracted from the article]