China launches $24bn IC base project

A state-level integrated circuit base project has broken ground in central China's Hubei Province, with an investment of 24 billion U.S. dollars in the coming five years.

Construction started on Monday in the East Lake High-tech Zone in Wuhan City, capital of Hubei. The project focuses on research and development of memory products. Monthly production capacity will reach 300,000 chips in 2020 and 1 million in 2030.

China relies heavily on imports of integrated circuits. In 2014, the country's integrated circuit imports hit 218 billion dollars, in which memory products accounted for about 25 percent.