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China's chip industry investment fund raises 114 billion yuan from major banks

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China's chip industry investment fund raises 114 billion yuan from major banks

2024-05-28 17:59 Last Updated At:19:07

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

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

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Cargo throughput surges as China's ports streamline customs clearance

2024-07-20 07:14 Last Updated At:08:27

China's border ports have been implementing a range of cargo facilitation policies, leading to a surge in cargo throughput, with a nearly 57 percent year-on-year increase in the inspection of transportation vehicles in the first half of 2024.

According to the data recently released by the National Immigration Administration, China's ports inspected about 15.42 million vehicle, vessel, and train trips in the first six months of this year, a 56.9 percent jump from the same period last year.

The border ports have rolled out a series of measures to streamline customs clearance for cargo. At major land ports, fast lanes have been set up for the rapid release of critical supplies. At major seaports, online declaration has been enabled for border inspection boarding. In international shipping, arriving vessels can have much faster departures thanks to the efficient inspections.

The combined sea-rail transport model, utilizing maritime routes and the China-Europe freight train service, has made the port of Lianyungang in east China's Jiangsu Province one of the most convenient and economical gateways to the sea. It handles more than 80 percent of Kazakhstan's transit cargo to China.

At the port, containers carrying with auto parts, home appliances, and other products are offloaded, hoisted onto trucks, and then loaded onto China-Europe freight trains bound for destinations like Kazakhstan and Uzbekistan.

"From unloading to boarding the freight train, the entire process can now be completed in as little as eight minutes. These containers are expected to reach the border ports within six days, greatly reducing transportation time and cost," said a logistics company employee.

The Youyi Pass in the southern Guangxi Zhuang Autonomous Region, also known as Friendship Pass, on the China-Vietnam border is an important cross-national trade channel. To enhance the clearance efficiency of imported fruits, the port has established "durian-only" channels and green channels for agricultural products, as well as an intelligent inspection assistance system. A Chinese cargo truck can now clear customs in just 15 seconds.

As the country's largest land port for fruit imports and exports, the Youyi Pass saw fruit imports worth 23.92 billion yuan (about 3.3 billion U.S. dollars) in 2023, a 262.9-percent surge year on year.

Pattama Narmwong, chairman of the Thai Mangosteen Association, noted that the greatly improved clearance efficiency has considerably cut down on transportation time and costs, supporting the burgeoning development of fruit trade between China and Southeast Asian nations.

Cargo throughput surges as China's ports streamline customs clearance

Cargo throughput surges as China's ports streamline customs clearance

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