Despite the United States' continuous pressure on the semiconductor supply chain market to Chinese industries, China has continued to make sizeable investments to boost its self-reliance in the semiconductor industry.

One such investment is a whopping 30 billion yuan ($4.37 billion) set to be launched by China's southern Guangdong province as a second phase of its semiconductor fund, according to a report by Securities Times.

According to the report, the fund is expected to have a 17-year term and will focus on investing in auto chips and equipment for the semiconductor material and ultimately lead to some significant developments in the Chinese semiconductor industry.

The fund's first phase was established just last year in 2021 and has already managed to reach 31 billion yuan, investing in a total of 102 companies, per the report, 19 of these firms are now gearing up to seek IPOs in 2023 and 2024.

Overall, the Chinese semiconductor industry is set to receive a major boost, with various funds focused on the industry, including the China Integrated Circuit Industry Investment Fund, also known as the "Big Fund," which was launched back in 2014.

It remains to be seen how successful these efforts will be, but the Chinese government seems to be determined to make the country a major player in the global semiconductor market.