China's Big Fund Phase III Raises $47.5 Billion

China establishes the third phase of the National Integrated Circuit Industry Investment Fund, raising 344 billion yuan ($47.5 billion) — the largest single tranche yet. Bringing the total government semiconductor investment across all phases to over $95 billion, Phase III focuses on equipment manufacturers, advanced packaging, and cutting-edge logic chips. The fund signals China's determination to achieve semiconductor self-sufficiency despite Western sanctions.