China has approved six high-tech EFFs just days after the application was submitted.

China’s top securities regulator has approved six high-tech foreign exchange funds just days after the application was filed, as the country rushes to become self-sufficient in strategic high-tech sectors.

Huan Fund Management and Harvest Fund Management have received the green light to launch their respective ETFs investing in semiconductor stocks listed on the STAR market, while Bosera Asset Management and China Southern Asset Management have received approval for their ETFs focusing on new. The material maker will share on the same bourse, sources with knowledge of the matter told local media.

China Asset Management and Guatai Asset Management have received regulatory approval to launch China’s first machine-tool-themed ETFs.

The fund houses submitted their applications to the China Securities Regulatory Commission on September 16 and received approval for their licenses two days later. They have not announced when the fundraising period will begin.

Earlier this month, Chinese President Xi Jinping stressed the need to develop domestic “core technologies” at a high-level government meeting amid growing diplomatic and trade tensions with the US.

“There is a need to strengthen centralized and unified leadership. . . Establishing a central committee and an authoritative decision-making command system.” [for technology],” he said.

In August, US President Joe Biden signed the Chips and Science Act, which provides $52 billion in subsidies for domestic semiconductor production and research, as well as an estimated $24 billion in tax breaks. The law imposed a formal ban on the export of technologies directly related to semiconductor manufacturing, on which China is still dependent.

China’s state news agency Xinhua called the law a “routine act of economic coercion” that violates market laws and international trade rules and distorts the global semiconductor supply chain. “Creating and fitting boundaries is not good for anyone,” he wrote.

Earlier this month, the US announced it would hold talks with Taiwan in October to discuss new US legislation designed to boost its semiconductor industry.

Chinese authorities In 2018, he announced the STAR market plan formulated by the Nasdaq Board in the United States in 2018 to meet President Xi’s confidence and technology innovation.

The board, known as the Shanghai Stock Exchange Science and Technology Innovation Board, began operations in July 2019. It now has 465 shares.

China’s first four ETFs, which invest in the board’s largest 50 stocks through the Science and Technology Innovation Board’s 50 index, have almost doubled their assets to Rmb50bn ($7bn) since their inception two years ago.

However, the STAR 50 index is down more than 30 percent this year, given the weak performance of the broader A-share market.