China remakes its chip business

Seven months after Washington unveiled tough curbs, Chinese firms are doubling up on homegrown supply chains and drawing billions in cash from investors. — The New York Times

LAST October, construction plans for a hulking semiconductor factory owned by a major state-backed company in central China fell into disarray. The Biden administration had escalated the trade war over technology, severing China’s access to the Western tools and skilled workers it needed to build the most advanced semiconductors.

Some employees with US citizenship departed the company. Three US equipment suppliers almost immediately halted their shipments and services, and Europe and Japan are expected to do the same soon.