From WSJopinion: Don’t be lulled into thinking China is failing in its goal to become the world’s biggest semiconductor-chip producer, write Rick Switzer and David Feith
People work inside a factory of a shipbuilding industrial park in Nantong, China, March 16, 2020.Don’t be lulled into thinking China is failing in its goal to become the world’s biggest semiconductor-chip producer. That’s the conclusion some are drawing from such troubles as the bankruptcy of national champion Tsinghua Unigroup and the high-profile arrests of several officials and executives.
Fast-forward to the present, however, and China’s solar industry is so dominant that U.S. and European green-energy goals depend on Chinese exports. China accounts for 80% of global solar production and nearly 95% of polysilicon crystal. To make matters worse, China’s solar sector exploits forced labor from Uyghur Muslims in Xinjiang and beyond, so importing more Chinese solar panels often means abetting slavery.
Despite losing tens of billions in wasteful overinvestment, Beijing accomplished its goals. By purposely creating global overcapacity, driving profits out of the industry, and bankrupting foreign competitors, China became the world’s leading shipbuilder. It now controls some 50% of global shipbuilding sales. showed that industries targeted by China’s five-year plans see a surge in new Chinese firms and significant declines in U.S. firm creation, output, employment and earnings.
Hence the case for the recently passed Chips+ Act, through which Washington will subsidize U.S. semiconductor manufacturing, which has fallen to 12% of global production from 37% in 1990. Subsidies can create distortions and feed corruption, so we need deft administration, transparency and limits. But ceding semiconductor manufacturing to others who subsidize it for strategic advantage has exposed the U.S.
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