It is expected to be the biggest of the three funds started by the China Integrated Circuit Industry Investment Fund, also called the Big Fund.

Its goal of 300 billion yuan ($41 billion) is more than what similar funds raised in 2014 and 2019, which were 138.7 billion yuan and 200 billion yuan, respectively, according to government sources.

One of the two people and the third person said that equipment for making chips will be a big area of spending.

President Xi Jinping has talked for a long time about how important it is for China to make its own electronics. This need is even more urgent now that Washington has put in place a series of export control measures over the last couple of years, citing fears that Beijing could use advanced chips to improve its military capabilities.

In October, the U.S. put out a broad set of penalties that cut off China’s access to high-tech equipment for making chips. Japan and the Netherlands, both U.S. allies, have taken similar steps.

Two of the people said that the new fund was accepted by the Chinese government in the past few months.

One person said that China’s finance office plans to give 60 billion yuan. Other people who helped could not be found right away.

All of the people refused to give their names because the talks were private.

The State Council Information Office, which answers questions from the media on behalf of the government, the Ministry of Finance, and the Ministry of Industry and Information Technology did not quickly respond to Reuters’ requests for comment.

The Big Fund also didn’t answer right away when asked for a statement.

INVESTMENTS TO DATE

The process of raising money is likely to take months, and the first two sources didn’t know right away when the third fund would start or if the plan would be changed again.

The finance minister and state-owned companies with a lot of money, like China Development Bank Capital, China National Tobacco Corporation, and China Telecom, helped back the Big Fund’s first two funds.

Over the years, the Big Fund has given money to China’s two biggest chip foundries, Semiconductor Manufacturing International Corporation and Hua Hong Semiconductor, as well as to Yangtze Memory Technologies, which makes flash memory, and a number of smaller companies and funds.

Even with all of these investments, China’s chip industry has had trouble becoming a leader in the global supply chain, especially when it comes to advanced chips.

INVESTMENT MANAGERS

Three people said that the Big Fund might hire at least two institutions to invest the new fund’s cash.

Since 2021, China’s anti-corruption authority has been looking into several current and past top officials at SINO-IC Capital, the only manager for the first two funds of the Big Fund.

Still, two of the people said that SINO-IC Capital is likely to be one of the managers for the third fund.

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SINO-IC Capital did not reply right away when asked for a comment.

Two of the people said that Chinese officials have also talked to the financial arm of the state-owned China Aerospace Science and Technology Corporation, which is called China Aerospace financial, about being one of the managers.

When asked for a comment, China Aerospace Investment did not answer right away.

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The problem goes much beyond questions of trustworthiness. When the world’s most populous and largest democracy aren’t represented on the UN Security Council, how can it claim to speak for the world? According to an interview PM Modi gave to the French newspaper Les Echos.

He used the UN Security Council as an example of an organisation that is out of sync with the modern world.

Its inability to deal with the problems of the present is exacerbated by the fact that its membership is unfairly distributed. Including the role India should play, I believe most countries have made it clear what reforms they would like to see made to the UN Security Council. He went on to say that French President Emmanuel Macron agreed with him.

Before leaving for France today to attend Friday’s Bastille Day festivities as the honoured guest, Prime Minister Modi met with French reporters at his official home in Delhi.

Our triumph will prove that democracy works, and we will do so as the largest democracy in the world, with unprecedented social and economic variety. That peace can be found even in quite different settings. “At the same time, it is reasonable to anticipate changes in the international system and institutions that will finally accord the world’s largest democracy the respect to which it is due,” he said.

India’s role as an intermediary between the Global South and the West was another theme stressed by the Prime Minister.

For a very long time, those in the Global South had their rights ignored. The people of the Global South are understandably frustrated by this situation, since they believe they have no choice but to take action without being included in the decision-making process. He argued that democracy’s ideals had been violated with regard to countries in the Global South.

Prime Minister Modi commented on his oft-quoted remark to Russian President Vladimir Putin regarding the conflict in Ukraine.

He voiced grave worry about the effects of the violence on the world, particularly in the Global South, and called for an end to the fighting.

India’s stance has been consistent in its clarity and openness. It is not a time of conflict, as I have already stated. We’ve encouraged both parties to try talking things out. I assured them that India stands ready to back any and all honest initiatives that will help resolve this violence. According to our understanding, all nations are bound by a shared responsibility to uphold international law and the UN Charter, as well as to respect the independence, sovereignty, and territorial integrity of all other nations.

In reference to India’s “soft power,” Prime Minister Narendra Modi has declared, “Our exports have never been war and subjugation, but yoga, ayurveda, spirituality, science, mathematics, and Astronomy.” We have always made positive contributions to international stability and development.

In response to a question on whether he thought “western values” were universal or whether other countries should find their own path, he said that the world only makes progress when it learns to let go of antiquated and obsolete notions.

The post “How Can World’s Largest Democracy…”: PM Modi’s bid for UNSC Membership appeared first on Republic Aeon.

During his address to the United Nations General Assembly during the Eleventh Emergency Special Session (Ukraine) on Thursday (local time), Kamboj posed the following question: “Has the UN system, and especially its principal organ, the UN Security Council, which is based on a 1945 concept, been rendered ineffective to address contemporary threats to global peace and security?”

“Are we any closer to a solution acceptable to both parties? Can a process involving neither of the two parties ever result in a credible and meaningful resolution? “She inquired further.Kamboj reaffirmed India’s stance on the Russia-Ukraine conflict and stated that dialogue and diplomacy are the only viable means of resolution.

“India maintains its commitment to multilateralism and upholds the UN Charter’s principles. We will continue to advocate dialogue and diplomacy as the only viable means of resolution. While we recognise the stated objective of today’s Resolution, we are compelled to abstain due to its inherent limitations in achieving our intended objective of achieving lasting peace.”

China and Pakistan, along with India, abstained from voting in the United Nations General Assembly (UNGA) on the necessity of achieving a comprehensive, just, and enduring peace in Ukraine.

141 members of the assembly voted in favour of the resolution, 32 abstained, including China and India, and seven opposed it.

The Indian ambassador also cited a statement by Prime Minister Narendra Modi and stated, “We have always advocated that no solution should ever come at the expense of human lives. In this context, it is necessary to reiterate our Prime Minister’s assertion that this cannot be a time of conflict. Escalation of hostilities and violence is not in anyone’s best interest; instead, a return to dialogue and diplomacy is imperative.”

In accordance with international principles and jurisprudence, she added, parties to armed conflicts are responsible for ensuring that civilians and civilian infrastructure are not targeted.

Kamboj added that India’s approach to the Ukraine conflict would remain centred on people. India is providing humanitarian aid to Ukraine and economic assistance to some of its neighbours in the Global South that are in economic distress, despite the fact that the ongoing conflict has resulted in rising food, fuel, and fertiliser prices.

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“India remained apprehensive regarding the situation in Ukraine. The conflict has caused the loss of innumerable lives and misery, especially for women, children, and the elderly, with millions becoming homeless and forced to seek refuge in neighbouring nations. Also profoundly concerning are reports of attacks on civilians and civilian infrastructure “She stated,

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