Recently Nihon Keizai Shimbun Electronic Edition reported the following:
中国半導体企業、2.2兆円調達 米国対抗へ国産化加速
半年で2019年の2.2倍 政府系が支援
2020/7/6 23:00 (2020/7/7 5:27更新)
中国は半導体自給率が10%台半ばにとどまる一方、高いシェアを誇るスマートフォンや次世代通信規格「5G」向け機器は国際的な影響力の源泉になっている。ハイテクでの中国台頭を抑えるために米国が半導体市場から中国を締め出せば、これら機器の生産が難しくなるうえ、米国との覇権争いで脱落しかねない。
日本経済新聞社が中国の民間データベースや企業の開示、メディア報道などをもとに半導体関連企業の株式による調達を集計した。20年の調達額は5日までで約1440億元（約2兆2千億円、払い込みが済んでいない案件も含む）と約半年で19年通年（約640億元=1兆円弱）を大きく上回った。公表案件を積み上げると、過去数年の調達額はおおよそ6千億～1兆円弱だった。
背景には、米国が仕掛ける「半導体戦争（チップウォー）」への中国政府の危機感がある。中国排除を進めるトランプ米政権から18年に禁輸措置を受けた通信機器の中興通訊（ZTE）は破綻の間際に追い込まれた。
華為技術（ファーウェイ）は最先端の半導体の調達に支障を来している。半導体製造装置の一部も輸入が難しい。中央・地方政府は相次ぎ半導体の国産化を目的とした半導体ファンドを設立し、中国企業への投資を本格化している。
14年には政府系の半導体ファンド「国家集成電路産業投資基金」を設立し、19年までに1400億元の投資を終えたとされる。19年秋には第2号ファンドを新設し、20年から投資を本格化。上海市や北京市などもファンドを立ち上げ、中央・地方一体で半導体国産化へ支援を加速させる。
代表例が中国の半導体受託生産最大手、中芯国際集成電路製造（SMIC）だ。20年の調達額はグループ全体で1兆円規模にのぼる。
SMICは月内にも中国版ナスダックとされる新市場「科創板」に上場、最大で500億元あまりを調達する。グループ会社は地方政府系ファンドなどから22億5千万ドル（約2400億円）の出資を受ける。世界最大手の台湾積体電路製造（TSMC）に代わる存在に育成する狙いだ。
中国はハイテク産業の育成策「中国製造2025」で、半導体自給率を70%まで高める目標を掲げる。米調査会社ICインサイツによると、自給率は24年時点でも2割強の見通し。米中対立が深まるなか、国産化のペース加速が急務だ。
量産や製造装置の分野では、中国の半導体企業の世界との技術力の開きがなお大きい。SMICの技術水準はTSMCと比べ「2世代以上遅れている」との評価も多い。国産化戦略が狙い通りに成果を上げるには、資金面に加えて技術面でも乗り越えなければならない課題が多い。
Translation
[Shanghai=Zhang Yuxiang] Chinese companies that were aiming
for domestic production of semiconductors were rapidly expanding their capital
procurement. Procurement amount in 2020 as of the 5th, being half of
a year, was about 2.2 trillion yen which was 2.2 times as much as the full year
in 2019. The main supporters were government funds and the new stock market
opened in 2019. Against the United States that aimed at preventing China's
high-tech hegemony, China rushed to improve its semiconductor self-sufficiency
ratio for survival.
In China, while the semiconductor self-sufficiency rate
remained in the mid 10% range, smartphones, which boasted a high market share,
and devices for the next-generation communication standard “5G” were sources of
international influence. If the United States shut out China from the
semiconductor market in order to check the rise of China in high-tech, China would
have difficulties to produce these devices, and it might drop out in a battle
for hegemony with the United States.
Nihon Keizai Shimbun Inc. aggregated the procurement of shares of semiconductor-related companies based on Chinese private databases, corporate disclosures, and media reports, etc. Procurement amount for 2020 by 5th day, about half of the year, was about 144 billion yuan (about 2.2 trillion yen, including unpaid projects). It greatly exceeded the full year of 2019 (about 64 billion yuan = less than 1 trillion yen). After adding publicly announced projects, the amount of funds raised in the past few years was from about 600 billion to less than 1 trillion yen.
Behind this was the Chinese government's sense of crisis regarding the "Semiconductor war (Chip War)" set by the United States. Trump, who was pursuing China's exclusion, since 2018 embargoed Zhōngxìng Tōngxùn (ZTE), a telecommunications device company and pushed it to the brink of bankruptcy.
Huawei was causing an hinderance in the procurement of cutting-edge semiconductors. It was difficult to import some semiconductor manufacturing equipment. The central and local governments had set up semiconductor funds aimed at the domestic production of semiconductors one after another, and were making a full-scale investment in Chinese companies.
The government-owned semiconductor fund the "National Integrated Circuit Industry Investment Fund" was established in 2014, and it was said that the investment of 140 billion yuan was completed by 2019. A second fund was newly established in the autumn of 2019, and investment began in earnest from 2020. Shanghai and Beijing cities would also launch funds to accelerate support for domestic production of semiconductors by the central and regions as a whole.
A representing example was China's largest semiconductor consignment production company, the Central Core International Integrated Circuit Manufacturing (SMIC). The total procurement amount for 2020 would reach 1 trillion yen for the entire group.
Within a month, SMIC would be listed on the so-called Chinese version of Nasdaq new market “Science and Technology Board,” and could raise up to 50 billion yuan. The group companies might receive investment of 2,250 million dollars (about 240 billion yen) from local government funds. The aim was to develop it into an alternative to the world's largest Taiwan Electric Cable Manufacturing (TSMC).
In the “Made in China 2025” on measure to foster high-tech industries, China aimed to raise the semiconductor self-sufficiency rate to 70%. According to a US research firm IC Insights, the self-sufficiency rate was expected to be over 20% as of 2024. With the deepening US-China conflict, it was urgent to accelerate the pace of domestic production.
In the fields of mass production and manufacturing equipment, China's semiconductor companies still had a large gap with the world in the capabilities in opening up technology. Many people said that the technical level of SMIC was "lagging behind two or more generations" compared to TSMC. In order for the domestic production strategy to achieve the desired results, there were many issues that must be overcome, not only in terms of funding but also in terms of technology.
So, let’s
see how and when China will reach its goal of 70% semiconductor
self-sufficiency rate.
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