The government is investing in factories that will make cheap, low-end wafers instead of focusing on the growing need for ever-smaller chipsYear after year, we hear about China’s ambitions to become a leading contender in the global chip race. Yet time and again its companies and government make decisions that seem destined to ensure the nation remains an also-ran.
If SMIC could press the start button on these two new factories today, the total capacity of 140,000 wafers per month would go a long way towards solving the current chip shortage. Auto manufacturers are particularly hard hit because poor planning during the early days of the pandemic last year means they’re now unable to install the sensors, screens and electronics required to build a modern car. Most of those chips are made at the 28-nanometer node.
Despite pumping at least $51bn into two separate funds since 2014 to help domestic players catch up with overseas rivals, there’s been little progress in closing the gap. For that you need engineers to be focused on leading-edge and niche products that sell for hundreds of dollars, not mass-market components that go for pennies.
SMIC and its peers, like Hua Hong Semiconductor, will probably be OK. An increasingly connected world and growing Chinese consumer base means that there’ll always be demand for the low-end products they’ve decided they want to dominate. They’ll face stiff competition from GlobalFoundries, a US rival that earlier this year announced a $4bn Singapore expansion aimed at the same broad category of products SMIC is chasing.
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