Today, the Ministry of Commerce made an announcement in full swing.

Initiate anti-dumping investigations on imported analog chips originating from the United States-As soon as the news came out, netizens applauded: "It's finally our turn to take action!"

To put it bluntly, I have been holding it back for a long time. From 2022 to 2024, U.S. chip exports to China soared by 37%, but prices plummeted by 52%. Do you think this is normal?

1. Bloody number: 15.6 billion direct loss is just the beginning

Let's take a look at this set of distressing data first.

15.6 billion yuan—This is a direct revenue loss caused by forced price reduction in domestic chips. Imagine that a chip could be sold for 10 yuan, but American goods were dumped for 5 yuan, and you could only reduce it to 6 yuan. The 4 yuan that is missing, multiplied by billions of chips, is a hole of 15.6 billion.

What's even more serious is that 8.3 billion yuan of R&D investment is compressed. If a company cannot make money, how can it still have money to do research and development? This is like a vicious cycle - technology is backward and easier to be dumped; if it is dumped, it will have no money to develop technology.

"Our company originally planned to invest 200 million to develop a new generation of chips, but the market was messed up and could only cut to 50 million." An executive of a chip company said helplessly.

2. More cruel reality: 20 projects were suspended, 5 companies went bankrupt

Behind the numbers is a more cruel reality.

20 chip projects were forced to be suspended—What does this mean? It means that the efforts of hundreds of engineers are in vain, and that the 20 gaps in China's chip industry chain will never be filled.

5 companies went bankrupt directly—Behind each bankrupt company is the livelihood of hundreds of families, and it is all destroyed by years of technical accumulation.

Don't think this is just a cold number. A company specializing in gate driver chips in Jiangsu will be very popular in 2022, and the order will be scheduled for half a year. As a result, similar products in the United States suddenly dropped sharply. In just two years, the company went from making a profit of 20 million to losing 80 million, and eventually filed for bankruptcy.

More than 300 employees lost their jobs overnight.

3. ​​In contrast, it is even more dazzling: American companies receive $2.7 billion in subsidies

What is the irony?

The United States accuses others of "unfair competition" while distributing subsidies to its own businesses. Data shows that during the same period, American chip companies received $2.7 billion in government subsidies - not including the $52 billion gift package from the Chip Act.

calculate the calculation: US$2.7 billion is approximately RMB 19.5 billion. American companies took government subsidies and dumped them into China at a low price, causing us 15.6 billion yuan in losses. Isn’t this an obvious “fleece”?

Let's look at the classic tricks of American chip dumping:

Step 1: Large government subsidies to reduce corporate costs. Step 2: Export large quantities at lower cost prices. Step 3: Squeeze the competitors and then raise the price to harvest.

Where is this "market competition"? This is a naked non-market operation.

General interface chips and gate driver chips with processes of 40nm and above are not too high, and are the areas that Chinese companies can break through. As a result, when the United States saw that the signs were wrong, it immediately began to dump and strangle.

After all, what they fear most is that Chinese companies have gained a foothold in these areas.

Supplying enterprises with taxpayers' money, then saying that it is a "free market economy", but accusing China's new energy vehicles of dumping. What about the face?

4. The brave report of Jiangsu Semiconductor Association

This anti-dumping investigation was initiated by the Jiangsu Semiconductor Industry Association.

To be honest, it takes courage to stand up and report. Because once the investigation is initiated, it will inevitably face various pressures and retaliation from the United States. But Jiangsu's enterprises can't bear it anymore - who can't wait to see their industries be artificially destroyed?

From the application to the filing of the case, the Ministry of Commerce is very efficient. What does this mean? The evidence shows that the evidence is conclusive and the facts are clear, and the dumping of chips in the United States has reached a point where it has to be taken care of.

This anti-dumping investigation marks a new stage in the global chip game.

In the past, it was unilateral sanctions by the United States, and we responded passively. Now we start to take the initiative, using rules to rules, and using laws to laws.

The survey period is expected to be extended by September 2026, and it will be extended by 6 months if necessary. what does that mean? This means that during this period, relevant American chips will face stricter scrutiny when entering the Chinese market, and domestic chips will gain room for breathing and development.

Time stands on our side.

5. Deep thinking behind it: Core technologies must be independent and controllable

15.6 billion losses, 20 projects suspended, and 5 companies' bankruptcy - Behind these numbers is a cruel reality: if the core technology is not independent, it will always be choked.

The chip industry chain is very long, and there must be no shortcomings in every link from design to manufacturing to packaging and testing. The United States chose 40nm or above for dumping this time, because it was clear that this was a relatively weak link for Chinese companies.

But they miscalculated one thing: the resilience of Chinese companies and the determination of the government.

This anti-dumping investigation is not only to protect existing companies, but also to gain time and space for China's chip industry to develop.

After all, what is the essence of this game?

is a dispute over rules, a dispute over the right to development, and a struggle for the commanding heights of future technology.

The bill of 15.6 billion is already there, the losses of 20 projects are irreparable, and the bankruptcy of 5 companies is a foregone conclusion. But we remember this account.

It is nothing wrong with rules.

Next time someone says that China "does not abide by market rules", please see how the 15.6 billion yuan is lost, and then see how the 2.7 billion US dollar subsidy is issued.

Who is the real "market economy" is clear at a glance.