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本资料是中国能获得科技独立,可作参考学习。
4 November
4 November 2019
affect
affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Equity Research Asia Pacific
Asia Technology StrategyChina: Can
Asia Technology Strategy
China: Can it gain tech independence?
Technology | Strategy
CIC Special
Figure 1: China tech net trade (imports minus exports) waterfall, 2018 (USD bn)
250
126
200
150
100 80
( 141 )
The Credit Suisse China Investment Conference (CIC) is one of the most exclusive business gatherings in the Greater China region, bringing together business leaders and entrepreneurs from around the region, as well as global institutional and private investors. This year, the Credit Suisse China Investment Conference will explore the theme of ‘Great Expectations’ – a topic that embraces the continued progression of China and the advancement of some of the country’s most
50
SPEDisplayEquip
SPE
Display
Equip
Semi-
Memory
Semi/IC ex
Memory
Mobile
Handset
Telecom
Equipment
Display
Printed
Circuits
Passive
Component
(52)
Others
(20)
Total Tech
Net Imports
12 11
( 36 )
8
( 25 ) ( 3 )
dynamic companies against the current geopolitical and macroeconomic backdrop.
Research Analysts
Manish Nigam
852 2101 7067
HYPERLINK "mailto:manish.nigam@" manish.nigam@
Source: CEIC, Credit Suisse estimates
Tech is the largest Chinese import; localization a national priority. Technology sector forms the largest part of China's import basket (21%) and semiconductors account for 70% of all its tech imports. This is despite the fact that China's own production of semiconductors has grown at a 20% CAGR since 2011. This heavy dependence on technology imports has led to several policy initiatives since 2000 from the Chinese government to help grow the domestic technology industry for multiple reasons including national security, assured supply availability, and an interest to continue economic and human capital advancement growing capability in higher v
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