China cuts taxes to spur semiconductor development

FILE - In this May 14, 2020, file photo, employees wearing protective equipment work at a semiconductor production facility for Renesas Electronics during a government organized tour for journalists in Beijing. China has announced tax breaks to spur growth of its semiconductor industry following U.S. sanctions that cut off access to American processor chips for tech giant Huawei and some other companies. (AP Photo/Mark Schiefelbein, File)