In 2017, Xi Jinping spoke about China's ambition in 'frontier' tech. Five years on, as the Communist Party's 20th National Congress approaches, results are mixed.
Beijing put a lot of focus on self-sufficiency in various areas of technology, but especially on semiconductors. The drive to boost China's domestic chip industry was given further impetus as the trade war began., Beijing said it would make "science and technology self-reliance and self-improvement a strategic pillar for national development."But a number of restrictions by the U.S. has put a dent in those ambitions.
Looking ahead, the latest package of U.S. controls will make a huge dent in China's technology ambitions.Things did not look as "bleak" for China's semiconductors in 2017 as they do now, Triolo said. , the most advanced semiconductor manufacturer in the world —are also dependent on U.S. technology. That means any Chinese company relying on TSMC may be cut off from supply of chips.SMIC
"Looking ahead, the latest package of U.S. controls will make a huge dent in China's technology ambitions, because the curbs on advances semiconductors," Triolo said. The curbs will "ripple across multiple associated sectors, and make it impossible for Chinese firms to compete in some areas, such as high performance computers, and AI related applications such as autonomous vehicles, that rely on hardware advances to make progress.
But the pace at which regulations were passed and the scope of the rules took investors off guard, and billions were wiped off the share prices of China's biggest tech companies — including Alibaba and Tencent — in 2021 and 2022. They have yet to recover from those losses. Five years ago, Xi said the government would "do away with regulations and practices that impede the development of a unified market and fair competition, support the growth of private businesses, and stimulate the vitality of various market entities."
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