All about China's Chongqing plans to set up USD 7.3 bn semiconductor fund

Chongqing plans to set up a 50 billion yuan ($ 7.3 billion) fund to help develop the semiconductor sector, the official Xinhua news agency reported.

China's southwest city of Chongqing plans to set up a 50 billion yuan ($ 7.3 billion) fund to help develop the semiconductor sector, the official Xinhua news agency reported on Saturday.

Xinhua said the fund will provide up to 20 million yuan for integrated circuit projects with investment commitments of 500 million yuan and up to 5 million yuan for projects with investment commitments of 20 million yuan.

The report said that Chongqing will provide up to 20 million yuan to support R&D annually for an integrated national center for circuit innovation and the establishment of a public service platform that will provide services including computerized electronic design tools and an intellectual property database.

Beijing has put the semiconductor sector as a priority under the "Made in China" strategy, and a state-supported fund will provide support to the local chip industry to help reduce dependence on imports.