China is pumping another $47.5 billion into its chip industry

China is doubling down on its plan to dominate advanced technologies of the future by setting up its largest-ever semiconductor state investment fund, according to information posted by a government-run agency.

X`x`Worth $47.5 billion, the fund is being created as the US imposes sweeping restrictions on the export of American chips and chip technology in a bid to throttle Beijing’s ambitions.

With investments from six of the country’s largest state-owned banks, including ICBC and China Construction Bank, the fund underscores Chinese leader Xi Jinping’s push to bolster China’s position as a tech superpower.

With its Made in China 2025 road map, Beijing has set a target for China to become a global leader in a wide range of industries, including artificial intelligence (AI), 5G wireless, and quantum computing.

The latest investment vehicle is the third phase of the China Integrated Circuit Industry Investment Fund. The “Big Fund,” as it is known, was officially established in Beijing on Friday, according to the National Enterprise Credit Information Publicity System.

The first phase of the fund was set up in 2014 with 138.7 billion yuan ($19.2 billion). The second phase was established five years later, with a registered capital of 204.1 billion yuan ($28.2 billion).

The investments aim to bring the country’s semiconductor industry up to international standards by 2030 and will pump money primarily into chip manufacturing, design, equipment and materials, the Ministry of Industry and Information Technology said when launching the first phase in 2014.