China gives chipmakers new powers to guide industry recovery

China is giving a handful of its most successful chip companies easier access to subsidies and more control over state-backed research, as tightening US controls on access to advanced technology force a major rethink in Beijing’s approach to supporting the sector.

The nurturing of closer co-operation with a select group of companies comes after the government shook up its tech strategy this month with the creation of a new Communist party science commission and a reinvigorated Ministry of Science and Technology.