--Chinese President Xi Jinping has selected Vice Premier Liu He to spearhead an initiative to secure self-sufficiency in chipmaking as U.S. sanctions crimp local producers, Bloomberg reports, citing unnamed sources.
--Mr. Liu will lead China's development of so-called third-generation chips, a nascent type of semiconductors that use newer materials beyond traditional silicon which no company or nation yet dominates, Bloomberg says.
--Bloomberg reports that about $1 trillion in government funding has been set aside under the initiative.
Full story: bloom.bg/3vslYOU
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