China’s chips push is mired in corruption allegations
The state’s money is not producing the expected results
China’s habit of pouring cash into strategic industries creates opportunities for corruption. Just look at the microchip business. The “Big Fund” was created in 2014 to spur self-reliance in chipmaking. Backed by state investors, it has raised 343bn yuan ($50bn). But several of the fund’s executives are suspected of corruption, including its head, Ding Wenwu.
This article appeared in the China section of the print edition under the headline “Big Fund, big problems”
From the August 20th 2022 edition
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