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China tech

China quadruples fundraising pace for chip self-sufficiency

Sector receives over $20bn in first half as US tech war rages

Despite being a major player in smartphone production and 5G telecommunications networks, China produces only around 15% of the chips it uses.   © Ulrich Baumgarten via Getty Images

SHANGHAI -- Chinese chipmakers have already raised more than twice as much from the equity market in 2020 than in all of 2019, with state-backed funds helping the nation's effort to boost domestic output.

Chinese chipmakers have received 144 billion yuan ($20.5 billion) so far this year, including commitments, according to data through Sunday compiled by Nikkei from private databases, company filings and news reports. This far outpaces the 12-month tallies of recent years, including the roughly 64 billion yuan total from 2019.

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