中国能获得科技独立.docx

4 November 4 November 2019 affect affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Equity Research Asia Pacific Asia Technology StrategyChina: Can Asia Technology Strategy China: Can it gain tech independence? Technology | Strategy CIC Special Figure 1: China tech net trade (imports minus exports) waterfall, 2018 (USD bn) 250 126 200 150 100 80 ( 141 ) The Credit Suisse China Investment Conference (CIC) is one of the most exclusive business gatherings in the Greater China region, bringing together business leaders and entrepreneurs from around the region, as well as global institutional and private investors. This year, the Credit Suisse China Investment Conference will explore the theme of ‘Great Expectations’ – a topic that embraces the continued progression of China and the advancement of some of the country’s most 50 SPEDisplayEquip SPE Display Equip Semi- Memory Semi/IC ex Memory Mobile Handset Telecom Equipment Display Printed Circuits Passive Component (52) Others (20) Total Tech Net Imports 12 11 ( 36 ) 8 ( 25 ) ( 3 ) dynamic companies against the current geopolitical and macroeconomic backdrop. Research Analysts Manish Nigam 852 2101 7067 HYPERLINK "mailto:manish.nigam@" manish.nigam@ Source: CEIC, Credit Suisse estimates Tech is the largest Chinese import; localization a national priority. Technology sector forms the largest part of China's import basket (21%) and semiconductors account for 70% of all its tech imports. This is despite the fact that China's own production of semiconductors has grown at a 20% CAGR since 2011. This heavy dependence on technology imports has led to several policy initiatives since 2000 from the Chinese government to help grow the domestic technology industry for multiple reasons including national security, assured supply availability, and an interest to continue economic and human capital advancement growing capability in higher v