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.
China’s anti-corruption watchdog launched an investigation into the former and current executives of the “Big Fund” in July, and seven senior officials linked to the “Big Fund” have demoted since.
In fact, misusing government research and development (R&D) subsidies and grants is common within China’s scientific community….