| Round | Year | Size | Focus |
|---|---|---|---|
| Big Fund I | 2014 | ¥1,387亿 | Broad-based support across chip design, manufacturing, and packaging/testing — the fund’s founding round, targeted at RMB 120 billion but closed at RMB 138.72 billion. |
| Big Fund II | 2019 | ¥2,000亿 | Continued broad-based support, with stepped-up backing for memory self-sufficiency — CXMT (Hefei) and YMTC (Wuhan) both trace state financing to this period. |
| Big Fund III | 2024 | ¥3,440亿 | A pivot from broad-based fab-building toward selective, low-self-sufficiency chokepoints: lithography tools, inspection systems, etch platforms, EDA software, photoresists, specialty gases, wafer materials, advanced packaging, and AI chips — SMEE’s lithography programme is a named priority. |
Policy & Budget
State financing and export-control exposure across China’s semiconductor sector
State financing and export-control exposure across China’s semiconductor sector — Big Fund rounds, local subsidies, Entity List coverage.
Big Fund Rounds
The National Integrated Circuit Industry Investment Fund (国家集成电路产业投资基金, “Big Fund”) has run three rounds since 2014. The headline round sizes are large, but they are commitments spread over many years and many firms, including design houses, equipment makers, and materials suppliers, not only fabs. The fund usually invests as a minority shareholder alongside local-government funds, the operating company, and bank debt.
Who Pays for China’s Fabs?
The Big Fund is the best-known source of state chip financing, but it is not the main one at facility level. Among the 54 active and completed facilities in this tracker, local governments and their investment vehicles are the lead funder for 30. The Big Fund is the lead funder for 6, and appears as a named shareholder or co-investor in 12.
The charts below group each facility’s total project investment by its tagged lead funder. They do not show how much each funder itself contributed. A project tagged “Big Fund I” (such as YMTC) counts its whole investment under that bar, even though the Big Fund supplied only part of it. Read the Big Fund bars as “projects the Big Fund led”, not as “money the Big Fund spent”. Cancelled projects are excluded. RMB- and USD-denominated figures are shown separately and never summed, since many facilities disclose only one currency.
RMB-Denominated Investment
USD-Denominated Investment
NoteData Limitation
Unlike India’s Union Budget documents, China does not publish itemized Big Fund disbursement-by-project data. Figures here are facility-level investment totals tagged by lead funding source where a source has disclosed it. They are not an audited Big Fund expenditure ledger and should not be read as the Big Fund’s own contribution. No currency conversion is applied anywhere on this site; RMB and USD figures are always shown separately.
Export-Control Exposure
For reference: entries across this site carrying a US Commerce Department Entity List or Department of Defense Section 1260H designation. The two lists carry different legal consequences (Entity List restricts exports; 1260H does not itself, though a related statutory provision bars DoD contracting with listed entities) — see the List column for which applies to each.