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00:03China is considering a package of state-backed incentives worth up to 500 billion yuan,
00:08or about $70 billion, to support its domestic semiconductor industry,
00:12according to people familiar with the matter, according to Bloomberg.
00:15The proposal reflects Beijing's effort to reduce reliance on foreign chipmakers,
00:20including NVIDIA, and continue backing firms such as Huawei Technologies and Canbericon Technologies.
00:25The plan would be the largest semiconductor incentives program China has proposed,
00:30as President Xi Jinping advances a whole-nation strategy to strengthen chip and AI capabilities amid ongoing U.S. export controls.
00:38For all things money, visit Benzinga.com.
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