China's push for homegrown chipmakers leads to multimillion-dollar investment swindle: Report ANI | Updated: Feb 13, 2021 22:59 IST Beijing [China], February 13 (ANI): China has the ambition to create a "national champion" in the semiconductor industry, however, this desire has led to a series of reckless investments in poorly planned projects, many of which went bankrupt within a couple of years after swiping multimillion-dollar investments from government organs, according to a report in Nikkei Asia. The local governments in China have been eager to support private enterprises that make chips even those with dubious credentials, the report said. Chinese National Development Reform Commission (NDRC) has also admitted the problem and has stepped in to work with other government departments and put in place tighter supervision over semiconductor projects, as Beijing continues its push to boost domestic chip development and manufacturing.