SMIC (Semiconductor Manufacturing International Corporation) has started to build a new 12-inch wafer fab in Shanghai for around 67.5 billion RMB (US$10.0 billion; US$1=6.72 RMB) to meet the mounting production and development needs, reported China News Service on October 13. The new fab will use 14nm, 10nm, and 7nm process technologies, with a maximum capacity of 70,000 wafers per month, mainly for chips used in next-generation mobile and smart end-user devices. The Shanghai city government has established a municipal fund of 50 billion RMB (US$7. 4 billion) dedicated to the development of the semiconductor industry. Shipment value of Shanghai's semiconductor industry totaled 95 billion RMB (US$14.1 billion) in 2015, and is projected to exceed 100 billion RMB this year.