Update: China answers new Huawei pressure with $49 billion in new funds

$29 billion semiconductor fund is 50% more than previous plan; $20 billion manufacturing fund targets systems

As news breaks that the FCC may vote to restrict use of Huawei and ZTE products by U.S. communications and networking companies, China fires back with plans for a $29 billion semiconductor investment fund. The objective, as with the fund’s 2014 predecessor, is technological independence from the whims of Western governments. (Update: The U.S. government…