BEIJING -- China has established an investment fund aiming to boost development of the integrated circuit (IC) industry, the Ministry of Industry and Information Technology announced on Tuesday.

The fund will invest in chip-making and boost industrial production in the sector as well as promote mergers and acquisitions, the ministry said in a statement on its website.

Investment will also cover chip design, equipment and raw materials, the statement said.

The investment fund will operate under a corporate system. Founders of the new company include China Development Bank Capital Co Ltd, China Tobacco, China mobiles, E-Town Capital, and Guosheng Group, among others.

The statement did not provide details on the specific value of the fund.

Government data showed sales revenues of the IC industry stood at 250.8 billion yuan ($40.8 billion) in 2013. A national guideline for the sector aims to boost revenues to more than 350 billion yuan in 2015.