China has set up its third planned state-backed investment fund to boost the semiconductor industry with a capital of 344 billion yuan ($47.5 billion), according to a government-maintained company registry announcement.

The investment of hundreds of billions of yuan in the sector puts into perspective President Xi Jinping’s ambition for China to become self-sufficient in semiconductors.

This commitment has taken on renewed urgency after the US imposed a series of export control measures over the past few years, citing Beijing’s fears that it could use advanced chips to boost its military capabilities.