China's National Integrated Circuit Industry Investment Fund, also known as "Big Fund," has been funded from the country's six major banks in its third phase, according to announcements released by these banks on Monday.
The Bank of China, ICBC, and China Construction Bank are among the lenders which will make a total investment of 114 billion yuan (about 15.7 billion U.S. dollars).
Insiders said that areas of investment have yet to be determined, but the fund is likely to focus on equipment, materials, and parts for large chip factories and other stranglehold areas.
Analysts also expected the fund to list high-value added dynamic random-access memory chips as a target of investment.
China's chip industry investment fund raises 114 billion yuan from major banks
China's chip industry investment fund raises 114 billion yuan from major banks
On his second official visit to China, Prime Minister of the Republic of Vanuatu Charlot Salwai expressed admiration for China's remarkable ability to balance preserving its cultural heritage with embracing innovative transformation.
Salwai paid an official visit to China from July 7 to 12. During his trip, he toured the southern province of Guangdong and explored the megacities of Beijing and Shanghai. His visit included tours of high-tech companies, a ride on a high-speed train, and a performance of traditional Cantonese opera.
In an interview with China Central Television Network (CCTV) aired on Friday, Salwai recounted his journey starting with a warm welcome that included enjoying Beijing Roast Duck, also known as Peking Duck -- a culinary delight introduced to him by the Chinese ambassador in Vanuatu.
"Many had to say. Peking Duck. Because we had it here on our arrival, so it was very tasty. And I understand that the Chinese ambassador in Vanuatu brought us to one of the traditional restaurants, small but beautiful," he said. The prime minister sees China's preservation of its culture as a vital lesson in understanding one's roots and the journey to the present day, acknowledging China's efforts to integrate cultural preservation with modernization.
"It's going to be my second official visit to China. I'm always impressed to see big changes and especially innovations made by China and especially the cities. Because a big impression is to see how China continues to maintain and keep its culture. Because I think it's the basis of everything -- to know where you come from and to understand where we are today. I feel that China is doing a lot to maintain its culture, but at the same time, doing, innovating to transform its culture,” Salwai said.
He also emphasized the importance of learning from China's sustainable development strategies.
"Today, it comes from a long way, some hardship, the government, and also the people of China. So, I'm impressed to see what is done, especially how China associates infrastructure development with nature. That's meant to keep, continue to keep the environment. It takes effort with the climate change by maintaining the ecosystem. I think it's something that, for a small country like Vanuatu, is important to learn. So, we are here. I'm here with my delegation to learn," Salwai said.
Vanuatu's PM commends China's cultural preservation, innovation amid fast growth
