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.
The figure represents a 14% increase from a year earlier, with payments to 113 businesses in the semiconductor sector totaling 10.6 billion yuan, or a 12-fold expansion from a decade ago. The figures were compiled by Nikkei based on listed companies' earnings data obtained by information firm Wind.
