Sources: China is in the process of raising $27B+ for its largest chip fund ever to counter US curbs, with most of the capital expected from local governments (Bloomberg)

Bloomberg:
Sources: China is in the process of raising $27B+ for its largest chip fund ever to counter US curbs, with most of the capital expected from local governments  —  - Local government, SDIC may join China's biggest-ever chip fund  — Washington urges allies to tighten China export controls