BEIJING (Reuters) – China has set up a new state-backed investment fund with registered capital of 344 billion yuan ($47.5 billion) to boost the country’s semiconductor industry.

The third phase of its national integrated circuit industry investment fund was officially set up on May 24, according to Chinese information database company, Tianyancha.

China’s finance ministry is the biggest shareholder with a 17% stake, according to Tianyancha.

($1 = 7.2449 yuan)

(Reporting by Beijing newsroom; Editing by Tom Hogue)