Beijing is set to announce a new fund of about 300 billion yuan ($47.4 billion) for the development of China's semiconductor industry, The Wall Street Journal reported Friday, citing sources familiar with the matter.

The government-backed China Integrated Circuit Investment Fund is heading up the new investment vehicle, the report said. The fund was not available for comment outside of Beijing business hours.

The 300 billion yuan fund would go toward improving China's ability to design and manufacture advanced microprocessors and graphic-processing units, among other initiatives, the Journal said, citing one source. The size of the fund and other details could change, another source told the newspaper.

Last week, Chen Yin, spokesman and chief engineer of China's Ministry of Industry and Information Technology, said the fund welcomes foreign investment.

"The second phase of fundraising is underway, and we welcome foreign companies to participate in this round of financing," Chen said at a news conference in Beijing, according to a report from state-run English-language newspaper China Daily.

Beijing is seeking to develop domestic technological innovation in areas such as robotics and semiconductors through an initiative called "Made in China 2025." One of the U.S. trade delegation's aims in talks with China this week was to ask Beijing to stop subsidies of that program. The visit ended Friday with little apparent progress in resolving a trade dispute between the two countries.

Read the full Wall Street Journal story here.