Can China fund its semiconductor ambitions?

CHINA ADVISORY - Report 26 May 2021 by Andrew Collier

China has made investment in technology a key policy for the coming decade, with semiconductors as the centerpiece. However, there are questions about China’s ability to “decouple” from the global semiconductor chain by building its owns state giants. One major question concerns funding. The policy relies on both central and local state investment. The local funds rely on a combination of state and private capital. The data suggests China’s tech ambitions may fall short of its funding capacity. Of particular note is the fact that local government funds are undercapitalized and some large projects already are failing.

This analysis is useful both for understanding the dynamics of the domestic semiconductor industry and also for comprehending the limits of state intervention in the economy.

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