Shenzhen has doubled down on efforts to advance China’s hi-tech self-sufficiency drive by establishing an international sourcing platform for semiconductors and other electronics components amid US trade restrictions, reports the South China Morning Post.
The Electronic Components and Integrated Circuits International Trading Centre Co, based in the city’s Qianhai economic zone, has registered at local market authorities and received its business licence on December 30, according to announcements made on Tuesday by several shareholders of the new entity.
This trading centre, with an initial capitalisation of RMB 2.1 billion ($304 million), is financed by 12 state-owned enterprises and private companies, including its biggest shareholders telecommunications equipment maker China Electronics Corp (CEC) and local government fund Shenzhen Investment Holdings.