SHANGHAI -- China spent a record 213.6 billion yuan ($33 billion) in industry subsidies in 2020, eager to shore up key sectors including semiconductors and defense in its heated technology race with the U.S.
US-China tensions
Eyeing US, China wields $33bn subsidies to bolster chips, defense
State spending raises concerns as Washington weighs similar program
China has ramped up subsidies to boost domestic chip production. © Reuters
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