According to Global Times, the joint statement of the China Council for the Promotion of International Trade (CCPIT) and the China Chamber of International Commerce (CCOIC) states: The U.S. government is authorized to offer grants and other incentives totaling around $52 billion to local chipmakers as well as a 25% investment tax credit for new fabs worth up to $24 billion under the newly enacted CHIPS Act and Science Bill. Over the next ten years, businesses that get funding via the CHIPS Act and Science legislation will not be allowed to create new or expand already-existing fabrication facilities in China or other nations that pose a danger to American national security. The new law would also allocate tens of billions of dollars to several high-tech research and development initiatives in the United States. To prevent China from using American technologies and equipment for military purposes, the U.S. government has restricted sales of American chip production equipment to Chinese manufacturers (such as SMIC) in addition to subsidizing semiconductor research, development, and production in the United States. In the meanwhile, CCPIT and CCOIC are certain that U.S. regulations won’t impede the growth of the Chinese semiconductor sector but they certainly would disrupt the industry.
