China is set to roll out a $143bn support package for its semiconductor industry, aimed at bolstering semiconductor production and research activities at home. The plan will be implemented in the first quarter of next year, and will mostly be given as subsidies and tax credits. The majority of the financial assistance will be used to subsidise the purchases of domestic semiconductor equipment by Chinese firms, with such companies entitled to a 20% subsidy on the cost of purchases. The plan comes after the US Commerce Department passed a set of regulations that could bar commercial data centres and research labs access to advanced AI chips.

Read More: China readying $143 billion package for its chip firms in face of U.S. curbs