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China cuts taxes to boost semiconductor development

Date: 31 March 2021 Tags: Miscellaneous
  • China has announced tax breaks to spur growth of its semiconductor industry following U.S. sanctions that cuts off access to American processor chips for tech giant Huawei and some other companies.
  • Chipmakers can import machinery and raw materials tax-free through 2030. They did not say how large a subsidy to manufacturers that might represent.
  • Beijing has spent heavily over the past two decades to build up a Chinese chip industry, but its makers of smartphones and other technology still rely on the United States, Europe and Taiwan for their most advanced components.
  • Processor chips and other semiconductors are China’s biggest single import, totalling more than $300 billion a year.
  • Under the latest measure, machinery and raw materials that cannot be produced or whose performance cannot meet demand will be exempt from import tax.