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China cuts taxes to spur semiconductor development

China city Beijing Usa Washington president 2020 Government
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BEIJING – China announced tax breaks Monday to spur growth of its semiconductor industry following U.S. sanctions that alarmed the ruling Communist Party by cutting off access to American processor chips for tech giant Huawei and some other companies.

Leaders declared accelerating efforts to transform China into a self-reliant “technology power” to be this year’s top economic priority after the tariff war with Washington highlighted its reliance on U.S.

components for smartphones and other industries Beijing wants to develop. Chipmakers can import machinery and raw materials tax-free through 2030, the Finance Ministry and other agencies announced.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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