China’s Trillion-Dollar Research Funds Mostly Spent on Travel and Leisure: Chinese State Media

In the past four years, many Chinese IC stars that emerged from the CCP’s "rapid chip-making" campaign have gone awry or ended in a disastrous failure. NICOLAS ASFOURI/AFP via Getty Images

Chinese authorities had high hopes for China’s chip industry, expecting to see a “semiconductor miracle,” which would then affirm the “advantage of China’s whole nation system,” as well as overcome technology sanctions imposed by the United States.

However, eight years into establishment of China Integrated Circuit Industry Investment Fund, also known as the “Big Fund,” trillions of yuan have been exhausted with little success in tech innovation.