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Can China come from behind and win the race?

Before commenting on the intrinsic strength of China’s semiconductor industry, we must have an elaborate study on China’s semiconductor market and industrial structure. According to Semiconductor Industry Association (SIA), the total output of the global semiconductor market in 2021 was US$555.9 billion, up 26.2% from 2022, of which US$192.5 billion was generated from the Chinese market, accounting for 34.6% of the global total. However, this figure refers to the sales to local Chinese companies plus sales into China’s domestic market, excluding the demand brought by foreign companies assembling diver products such as notebooks and mobile phones in China.