China prepares $27 billion chip fund to counter growing US restrictions, Bloomberg reports

FILE PHOTO: Illustration picture of Chinese flag with semiconductor chips

(Reuters) - China is in the process of raising more than $27 billion for its largest chip fund to date to accelerate the development of cutting-edge technologies to counter a U.S. campaign to thwart its rise, Bloomberg News reported on Friday.

(Reporting by Shivani Tanna in Bengaluru; Editing by Mark Potter)