China has assigned a new chief for a high profile, state-backed chip investment fund amid a renewed push to pour resources into the local semiconductor industry and counter a US-led blockade of the country’s technological development.
Zhang Xin is taking the helm of the National Integrated Circuit Industry Investment Fund Co., better known as the Big Fund, according to the Chinese corporate data service provider Tianyancha. Zhang was previously an official from China’s Ministry of Industry and Information Technology, according to the news outlet Caixin.
The secretive Big Fund is Beijing’s primary vehicle for doling out capital to the country’s chipmakers. Founded in 2014, it drew about $45 billion in capital and backed scores of companies, including Semiconductor Manufacturing International Corp. and Yangtze Memory Technologies Co. The fund operated mostly behind the scenes and kept investment standards away from public view, which some analysts said undercut accountability.
Zhang had been a mid-ranking official at MIIT. He is listed as a first-class inspector on the website of the ministry’s planning bureau. As a contrast, Ding was once director of the ministry’s electronic information bureau, outranking Zhang.
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