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China plans nearly $50B investment in chip industry

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China is planning a nearly $50 billion investment in the country's chip industry.

Around $47.5 billion has been added to a semiconductor state investment fund. It has investments from six of the country's largest state-owned banks.

It's the latest investment in the China Integrated Circuit Industry Investment Fund. The fund was set up in 2014 with $19.2 billion, and $28.2 billion was added five years later.

Read more from CNN.

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