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在线翻译:
szdaily -> Business/Markets -> 
Tech veterans plan ‘domestic replacement’ fund
    2020-09-11  08:53    Shenzhen Daily

CHINESE tech veterans, including former executives at Huawei and SMIC, are planning to launch a “domestic replacement” fund by the end of the year to help create China’s next tech giant and support Chinese companies sanctioned by Washington.

Venture capital firm China Europe Capital aims to raise 5 billion yuan (US$731.46 million) for the fund which will invest in startups specializing in technologies including semiconductor, 5G and artificial intelligence, said Zhang Jun, the firm’s chairman and a former vice president at Shenzhen-based telecom equipment maker Huawei.

The fund launch comes amid a government-backed investment boom in China’s technology sector as the Trump’s administration is increasingly targeting China’s tech firms.

Relations between the world’s two largest economies have nosedived in recent months as they butt heads over the coronavirus pandemic, Hong Kong and trade.

“China and the U.S. are in a Great Power rivalry that will end only when there’s a knockout,” Zhang said. “It’s not just about trade war, or sanctions. It’s a matter of life and death.”

Huawei, drone producer DJI and video surveillance company Hikvision are among a growing list of Chinese companies sanctioned by U.S. President Donald Trump’s administration.

On Friday, Reuters reported that Washington might blacklist China’s biggest chipmaker Semiconductor Manufacturing International Corp. (SMIC).

Zhang sees opportunities in the current crisis, betting the Sino-U.S. decoupling will foster a self-sufficient homegrown tech sector that can one day live without incumbent U.S. champions such as Qualcomm and Intel.

“More and more Chinese companies are being sanctioned by the United States, and what we do is to provide them with spare tires ... so that those cut off from U.S. supplies can survive, and run, although with a limp,” said Zhang.

The new fund also aims to foster Chinese tech champions, capitalizing on the expertise of a management team that includes Joseph Xie, a founding member of SMIC, and Li Zhengyu, a former executive at Foxconn, Zhang said. (SD-Agencies)

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