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It’s remarkable that China even manages to do subsidies better than us. Blanket incentives to an industry would be far better than the regulatory capture we get here… Same story for EVs.

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Chinese also have their fare share of subsidy fraud.[0][1][2][3] The most notable of these is probably Wuhan Hongxin Semiconductor Manufacturing, which essentially wasted billions of dollars, a lot of which was funded by the local government.[1][3] FWIW, I suspect China will create EUV machines anyway. While there has been a lot of fraud, there is also a lot of talent in China. And solving an already solved problem is much easier than solving it the first time.

[0] https://www.bbc.com/news/business-65022389

[1] https://asia.nikkei.com/Business/36Kr-KrASIA/Semiconductor-f...

[2] https://www.scmp.com/comment/opinion/article/3206470/greates...

[3] https://www.scmp.com/tech/tech-trends/article/3126124/chinas...

(A lot of these sources mention the same incidents, they are not all separate, just wanted to give more than one source)

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