China spent a whopping $33 billion on industry subsidies to listed companies in 2020. Among them, subsidies to semiconductor and defense enterprises increased significantly. According to Japan’s Nikkei Asia, China’s subsidy spending was at a record high last year, and showed a 14 percent increase from 2019. In the semiconductor industry, the regime’s total subsidies to 113 companies reached $1.6 billion, 12 times that of 10 years ago. China’s largest chip manufacturer, SMIC, not only received nearly $300 million in subsidies, its subsidiaries also received $2.25 billion from the country’s “Big Fund” program. Subsidies for other semiconductor manufacturers such as NAURA Technology Group and Advanced Micro are also increasing. In the defense sector, AVIC Shenyang Aircraft Company Limited and Beijing BDStar Navigation Co., Ltd. received a lot more in subsidies than in previous years. In an April 2013 article, Chinese media NetEase revealed that the CCP has never stopped its …