BEIJING—In a move that could further heighten tensions with the U.S., China is poised to announce a new fund of about 300 billion yuan—$47.4 billion—to spur development of its semiconductor industry as it seeks to close the technology gap with the U.S. and other rivals, according to people familiar with the matter.

The new war chest by the government-backed China Integrated Circuit Industry Investment Fund Co. follows a similar fund launched in 2014 that raised 139 billion yuan ($21.8 billion), largely funded by central and local government-backed enterprises and industry players.

Among other efforts, the fund would be used to improve China’s ability to design and manufacture advanced microprocessors and graphic-processing units, one of the people said. Specific details including the amount could change, another person said.

China Integrated Circuit Industry Investment Fund didn’t immediately respond to a request for comment. In an interview with the Journal last year, the fund’s executive vice president said it aims to generate returns for its investors.

China is seeking to develop its own semiconductor industry to cut its dependence on foreign technology. The effort has grown more urgent as attempts to buy American chip companies have faced opposition from the U.S. over national-security concerns.