China’s State Investors to Inject $1.7bn in Shenzhen Wafer Foundry

China’s drive to strengthen its domestic chipmaking industry received a significant boost recently, as state investors, including China’s largest government-backed chip investment fund, agreed to invest $1.7 billion in a wafer production project in Shenzhen. The investment aims to increase China’s chipmaking capacity and reduce its reliance on imports, particularly amidst the global shortage of semiconductors.