China Buys Near-Record $40 Billion of Chip Gear to Beat US Curbs

China’s imports of chipmaking machines jumped last year as firms ramped up investment in an attempt to get around US-led efforts to hobble the nation’s semiconductor industry.

Imports of the machinery used to make computer chips rose 14% in 2023 to almost $40 billion — the second largest amount by value on record in data going back to 2015, according to Bloomberg calculations based on official customs data. The increase came despite a 5.5% drop in total imports last year, underscoring the importance that the Chinese government and the nation’s chip industry have placed on becoming self-sufficient.

Chinese chip ...