China plans $40 billion fund for its chip industry

The United States has made continual efforts to limit China's chip production, but it might not do much good. China plans to launch a fund in hopes of bolstering its semiconductor industry, Reuters reports. The state-backed endeavor is the third from the China Integrated Circuit Industry Investment Fund and aims to raise 300 billion yuan ($41 billion). The previous two funds raised 138.7 billion yuan ($19 billion) in 2014 and 200 billion yuan ($27 billion) in 2019.