China set up a new $47.5B state-backed investment fund on May 24 to boost the country's semiconductor industry (Reuters)

Reuters:

China set up a new $47.5B state-backed investment fund on May 24 to boost the country’s semiconductor industry  —  China has set up a new state-backed investment fund with registered capital of 344 billion yuan ($47.5 billion) to boost the country’s semiconductor industry.