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China's top chipmaker SMIC to boost capex 20% despite downturn

Investment up to 2.2 billion in 2019 amid Beijing's push for tech self-reliance

Reducing Chinese tech companies' reliance on foreign manufacturers has become a vital national security issue for Beijing amid trade tensions with Washington.

TAIPEI -- China's top contract chipmaker Semiconductor Manufacturing International Co. will increase capital investment by nearly 20% this year, despite the severe industry slowdown caused by the ongoing U.S.-China trade war.

Total capital expenditure will reach $2.2 billion in 2019, up 18.7% from $1.85 billion from last year, the state-backed company's co-CEO Zhao Haijun told an investors' conference on Friday.

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