NANJING, May 17 (Xinhua) -- Foreign-invested enterprises contribute more than 30 percent to Chinese mainland's integrated circuit (IC) industry sales, which reached 653.2 billion yuan (94.86 billion U.S. dollars) in 2018, according to an official with the Ministry of Industry and Information Technology (MIIT).
Among the 10 12-inch IC production lines in the Chinese mainland, there are eight in which foreign and Taiwan-funded enterprises have shares, and revenue in China has become an important source of that for major IC companies worldwide, said Wang Xinzhe, chief economic manager of MIIT, at a meeting held Friday in Nanjing of eastern China's Jiangsu Province.
Since 2001, the IC market size in the Chinese mainland, the largest and fastest growing IC market on the globe, has grown at a compound annual growth rate of 16.4 percent. By the end of 2018, the market reached 1.6 trillion yuan, accounting for nearly half of the global market share.
Christopher Millward, president of United States Information Technology Office, said that the success of the IC industry stems from a global division of labor and an open market. China is an innovator in the IC industry and plays an important role in the global value chain. Its openness and inclusiveness will attract more businesses to cooperate.
