$143 billion investment in chips from China to compete with the US
While China is working on a trillion yuan ($143 billion) support package for the chip industry, it aims to become self-sufficient in the field of chips and counter US steps aimed at curbing China’s technological development.
Beijing plans to offer one of the largest fiscal stimulus packages in five years, mainly through subsidies and tax breaks, to support semiconductor research and manufacturing activities, three sources said.
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The sources indicated that the plan could be implemented in the first quarter of next year.
China’s move comes after US President Joe Biden signed a $52.7 billion state aid bill in August to support semiconductor manufacturing and research. The bill is intended to make the United States more competitive against China’s initiatives in science and technology. (Reuters)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
