BEIJING, May 27 Reuters China has set up its third planned statebacked investment fund to boost its semiconductor industry, with a registered capital of 344 billion yuan 47.5 billion, according to a filing with a governmentrun companies registry.

The hundreds of billions of yuan invested in the sector puts into perspective President Xi Jinping39;s drive to achieve selfsufficiency for China in semiconductors.

That commitment has taken on renewed urgency after the U.S. imposed a series of export control measures over the last couple of years, citing fears Beijing could use advanced chips to boost its military capabilities.

Chinese chip shares rose, with the CES CN Semiconductor Index rallying more than 3 and set to log the biggest oneday gain in more than a month.

The third phase of the China Integrated Circuit Industry Investment Fund was officially established on May 24 and registered under the Beijing Municipal Administration for Market Regulation, according to the National Enterprise Credit Information Publicity System, a governmentrun credit information agency.

The third phase will be the largest of the three funds launched by the China Integrated Circuit Industry Investment Fund, known as the Big Fund.

China39;s finance ministry is the biggest shareholder with a 17 stake and paidin capital of 60 billion yuan, according to Tianyancha, a Chinese companies information database company. China Development Bank Capital is the secondlargest shareholder with a 10.5…