Regulator backs chip firms in pursuit of breakthroughs

China's top regulator of State-owned assets said it will step up precise policy support in areas like human resources and funding for the development of semiconductors, a strategic industry.

Zhang Yuzhuo, chairman of the State-owned Assets Supervision and Administration Commission, or SASAC, of the State Council, said the regulator will support the centrally administrated SOEs to overcome difficulties and forge ahead toward breakthroughs in the development of the integrated circuit industry chain, so as to better promote the sector's high-quality development.

Zhang made the comments during his visit to Empyrean Technology Co, a chip subsidiary of China Electronics Corp, on Thursday. The Beijing-based Empyrean is engaged in the development of electronic design automation or EDA tools.