China's Ministry of Finance (MOF) and other entities have set up an investment fund to boost the development of the semiconductor industry, as the country seeks to strengthen self-reliance in critical technologies amid growing protectionism and restrictions by the U.S., according to media reports on Monday.

With registered capital of 334 billion yuan ($47.5 billion), the fund underscores China's firm resolve and confidence in boosting the semiconductor industry, and it will accelerate technological breakthroughs, especially in the manufacturing of advanced chips, industry experts said.