Beijing is considering pouring as much as $70 billion into its semiconductor industry in what would be the world’s largest state-backed chip support program, Bloomberg reported, citing people familiar with the matter. #🇨🇳 ChinA.I. 🤖🧠🦾🤖 The move elevates China’s push for semiconductor self-sufficiency as the country’s tech industry confronts restrictive US export controls on advanced chips and chipmaking equipment. The package under consideration ranges from 200 billion ($28 billion) to 500 billion yuan ($71 billion) in subsidies and financing, and Chinese government officials are still hammering out which companies will benefit and how much each sector will receive, according to Bloomberg. If rolled out at the top end, China’s proposed spending would dwarf comparable efforts worldwide and surpass funding the U.S. government has committed for the semiconductor sector through the Chips and Science Act. The investment will function separately from Beijing’s existing subsidy program for the chip industry, according to Bloomberg, and signals the government’s determination to reduce its reliance on foreign tech products such as Nvidia’s chips. https://www.bloomberg.com..