China to establish special committee to facilitate chipmaking collaboration with foreign firms

• China plans to establish a special organization to help build an independent, domestic chip supply chain.
• The organization, named the "cross-border semiconductor work committee," will facilitate cooperation between the Chinese and foreign semiconductor industries to foster development hubs for software, material and manufacturing equipment.
• The committee is slated to launch sometime during the first half of 2022 and will be overseen by the Ministry of Commerce, in cooperation with the Ministry of Industry and Information Technology.
• The move comes as China plans to set up a domestic supply chain for semiconductors, one which is immune to U.S. sanctions.
• The committee will encourage foreign entities to set up development or manufacturing bases by working with local governments and providing funds.
• As per documents obtained by Nikkei, Intel (NASDAQ:INTC) and Advanced Micro Devices (NASDAQ:AMD) of the U.S., as well as Infineon Technologies of Germany are among the targeted overseas companies.