BEIJING - China will push for breakthroughs in core integrated circuit (IC) technology, an official with the Ministry of Industry and Information Technology (MIIT) said Wednesday.

"Despite remarkable progress, China's IC industry still faces a development gap in chip design, manufacturing and human resources", said Chen Yin, chief engineer and spokesperson of the MIIT at a press conference." To further boost the IC industry, China will stick to the path of innovative development, opening-up and cooperation, and strengthen industrial cooperation with international partners."

Chen also welcomed all enterprises to take part in China's IC development fund, as its second round of fundraising was currently underway.

China's IC industry production volume stood at 156.5 billion yuan (about $24.9 billion) in 2017, while the market value of the industry reached 541.1 billion yuan, according to the MIIT.