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China seeks investors for its IT market

UNITED STATES (OBSERVATORY) –┬áChina is looking for an opportunity to attract billions of dollars to advance its ambitions in the production of microelectronics to reduce dependence on imports, Reuters reports.

The Ministry of Industry of the country reported that it welcomes foreign investment in the production of semiconductors, which is supported by the state. Such a statement appeared against the backdrop of high tension between China and the United States over the transfer of technological developments.

China seeks to accelerate plans to develop its semiconductor market in the face of a fierce trade confrontation with the United States and the recent US ban on the sale of a number of technologies to the Chinese company ZTE by China.

The Chinese national integrated investment fund is currently setting up a second fund to support the sector, a spokesman for the Ministry of Industry and Information Technology (MIIT) said.

“We welcome the participation of foreign companies,” MIIT representative Chen Yin said at a press conference in Beijing.

The fund, which previously attracted about $ 22 billion, has become a target for US politicians who are concerned that Chinese firms, under the guise of government money, can challenge the technology giants of the US, such as Qualcomm Corp, for which China is a key market.