China?s IC Industrial Revolution [China Connection]

China is known for its exports, but what is China’s most crucial import? No, it is not crude oil. It is integrated circuits (ICs)! So how important is the IC industry to China? Consider this: during the past ten years, ICs have been number one among all manufactured goods imported by China—more than cars and liquid crystal displays. According to a recent report by PwC.com, in 2013 China consumed US$170 billion worth of ICs, which is equal to 55% of the worldwide semiconductor market. If this economic factor is not sufficient, Edward Snowden’s 2013 revelations, which triggered a worldwide alert on national information security, has further convinced the Chinese government that China’s information technology infrastructure must not continue to rely so heavily on foreign imports.