China's $40 Billion Chip Industry Fund: Boosting Technological Independence

China is planning to launch a $40 billion fund to support its semiconductor industry, with about $8 billion expected to come from the country's finance ministry. The fund, the third from the China Integrated Circuit Industry Investment Fund, aims to raise a total of $41 billion. This comes shortly after Huawei announced its new smartphone, the Mate 60 Pro, featuring homegrown chips developed in partnership with Semiconductor Manufacturing International Corp (SMIC). The move highlights China's efforts to strengthen its chip manufacturing capabilities despite restrictions imposed by the US and other countries.