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China's SMIC says domestic chip demand to offset oversupply risk

National tech champion posted record 2021 earnings, expects robust 2022

TAIPEI -- China's Semiconductor Manufacturing International Co. (SMIC) said it is not concerned about oversupply in the chip industry as it continues to expand production capacity, saying domestic demand will insulate it from any global shocks.

Zhao Haijun, co-CEO of China's top contract chipmaker, said the domestic tech industry is eager to bring at least a portion of chip production to China to create a more resilient and secure supply chain.

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