China welcomes foreign capital in its plan to build semiconductor strength, the top industry regulator said on Wednesday, as Beijing speeds up Chinese chip development to achieve core technological breakthroughs.

China Integrated Circuit Industry Fund, a State-run fund that backs a spectrum of domestic firms from processor designers to equipment makers, now accepts foreign investments, according to Chen Yin, chief engineer and spokesman of the Ministry of Industry and Information Technology.

“The second phase of fundraising is underway, and we welcome foreign companies to participate in this round of financing,” Chen said at a news conference in Beijing.

While the country’s integrated circuit industry has rapidly grown in terms of industrial scale and overall strength, there’s still urgency to close the gap in chip design, manufacturing capability and talent grooming, he said. “China has a vast electronics information market, and we will continue to take the path of innovation and international cooperation,” Chen said.

“We will push ahead with speedier breakthroughs in key technologies in the industry, which is technology, talent and capital intensive.”

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