The US Department of Commerce has announced that it will release $50 billion in funding next spring from the bipartisan Chip Act signed by President Biden last month. The chip funding is one of the four policy tools set up under the act, primarily aimed at developing the country’s semiconductor industry. “Companies who receive chip funds can’t build leading-edge or advanced technology facilities in China for a period of 10 years,” Gina Marie Raimondo, US Secretary of Commerce, announced at a briefing on Tuesday. The US has pushed to curb China’s development of cutting-edge chips and has banned related equipment from being exported by American firms to China. The EU, India, and Korea are currently setting up similar programs to grow their local semiconductor industries, according to Caixin. [Caixin, in Chinese]