China is making progress on its plan to become a global superpower in semi-conductor production.
The country is investing $24 billion toward developing a homegrown semi-conductor industry, and this Monday, a Chinese-owned chip maker XMC will open its first plant dedicated to making a widely-used type of the chips, according to The Wall Street Journal.
The $24 billion will be invested in the creation of two chip-manufacturing plants, as well as facilities for suppliers.
Chinese companies make up only a small slice of semi-conductor manufacturers—but that’s something the Chinese government is moving to change as the economy transitions to higher-value industries. In 2015, the government announced it wanted to 70% of semi-conductors in China to be made domestically.
