China devotes $22B to domestic chip industry expansion

China is pouring more money into chasing its semiconductor ambitions. The state-backed Tsinghua Unigroup, which has been building up the country’s chip-industry infrastructure, received a 150 billion yuan (US$22 billion) in financing on Tuesday.

The funds come from the China Development Bank and a national integrated circuit investment fund, two groups tied to the country’s government.

Tsinghua Unigroup hasn’t said what the money will be specifically used for. But it will go toward making it more competitive in the semiconductor space, according to a company statement.

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