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China tech

China's top chipmaker bullish as new US export rules loom

SMIC to more than double capex in 2020 as Jan-March revenue jumps 35%

SMIC is China's biggest contract chipmaker and a key part of Beijing's goal of building a domestic semiconductor ecoystem. (Photo courtesy of SMIC)

TAIPEI -- China's top contract chipmaker Semiconductor Manufacturing International Co. announced on Thursday it will sharply increase spending this year while insisting new U.S. export controls will not disrupt its operations.

SMIC said it will increase capital expenditure for 2020 by a further 30%, more than doubling last year's spending, despite the coronavirus pandemic, while co-CEO Zhao Haijun addressed questions about Washington's latest move to restrict technology exports.

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