Yangtze Memory Technologies Co. (YMTC), a Chinese semiconductor manufacturer, reportedly plans to begin production at a new chip plant in the second half of 2024. The plant is expected to help boost China's efforts towards self-sufficiency in the production of semiconductors, which have become increasingly important in modern technology.

YMTC, which is owned by the state-backed Tsinghua Unigroup, is reportedly relying on more domestic suppliers for the new plant as China looks to reduce its reliance on foreign technology amid increasing tensions with the US.

The country has been investing heavily in its semiconductor industry in recent years, with the aim of becoming a major player in the global market. YMTC has received$7bn in funding since the implementation of new export controls, as Beijing views the company as important for developing its domestic chips industry. Funding came from government-led investment vehicles, such as the National Integrated Circuit Industry Investment Fund (also known as the 'Big Fund').

EXCERPT: Yangtze Memory Technologies Co. (YMTC), a Chinese semiconductor manufacturer, is reportedly planning to begin production at a new chip plant in the second half of 2024. The plant is expected to help boost China's efforts towards self-sufficiency in the production of semiconductors