China invested over US$290.8 billion in semiconductor-related investment projects between 2021-2022, with significant funds allocated to semiconductor equipment and materials. The investment covered various areas such as panel displays, wafer foundry, storage devices, integrated device manufacturing, device/chips, platform/base, semiconductor equipment, semiconductor materials, packaging, and testing. 

The number of semiconductor investment projects in China has been increasing yearly, with 2021 seeing 142 new projects and 187 continuing projects and 2022 witnessing 160 new projects and 352 continuing projects. Anhui and Guangdong provinces had the most significant improvement in semiconductor investment projects, with Anhui starting 304 new projects and Guangdong initiating 66 projects.

The report also highlights a shift in China's semiconductor industry development focus towards upstream activities, such as equipment and material supply. The report suggests that the industry has transitioned from a period of blind frenzy to a more rational phase, with a focus on cluster development and technological innovations. Local governments have played a role in accelerating major semiconductor projects through policy improvements, fostering collaboration among various stakeholders.