China has announced tax breaks to spur growth of its semiconductor industry.

From July 2020 to the end of 2030, chipmakers producing high-end 65 nanometer technology or smaller chips are exempt from paying import taxes on raw materials and machinery that cannot be produced. This is according to a notice published by China's finance ministry.

Enterprises undertaking major integrated circuit projects are offered cuts on value-added tax when they import new equipment.

China has been dealing with a bottleneck in technology development amid an ongoing tech rivalry with the United States.

Bilibili started trading on the Hong Kong stock market today.

Shares of the Chinese video-streaming platform opened at 790 Hong Kong dollars, or about 100 U.S. dollars, down from its offer price of 808 Hong Kong dollars.

Its public offering was oversubscribed more than 170 times by local retail investors, and nearly 12 times by international buyers.

Chinese Internet search giant Baidu was listed in Hong Kong last week.

They're the latest in a string of U.S.-listed Chinese companies that have pursued a secondary listing in Hong Kong, with tensions high between Washington and Beijing.

Why are so many Chinese tech companies going to Hong Kong for their second listing? What does it mean for HK as a financial center?

Chinese Internet giant Tencent has reported a 28 percent year-on-year growth in revenue for 2020, raking in around 482 billion yuan, or about 73.9 billion U.S. dollars.

Tencent’s mobile gaming business has flourished during the pandemic, with its online gaming revenue increasing 29 percent year-over-year in the fourth quarter. Revenues from financial technology and business services also grew 29 percent last quarter.

The company also outspent Alibaba in investments in start-ups during 2020.

China will become the largest market for Tesla, said Elon Musk, co-founder and CEO of the electric carmaker, in an interview with China Media Group on the sidelines of the China Development Forum.

US President Joe Biden's economic team is preparing to recommend spending as much as $3 trillion on a set of efforts to boost the economy, reduce carbon emissions, and narrow economic inequality, according to the New York Times.

The first proposal would center on roads, bridges, and other infrastructure projects, as well as include many climate-change initiatives. That package would be followed by measures focusing on education and other priorities.

The report also said that efforts would begin with a giant infrastructure plan that may be financed partly through tax increases on corporations and the wealthy.

China's monetary policy must focus on supporting economic growth in a targeted way while reducing financial risks, People's Bank of China Governor Yi Gang said in a speech made at the China Development Forum during the weekend.

He said, "Monetary policy needs to strike a balance between supporting economic growth and preventing risks… China's macro leverage ratio is basically stable.”

Huawei says it recorded its biggest ever annual jump in the number of patents it owns last year, as the company ramped up its research and development efforts.

The Chinese tech giant was put on an export blacklist by former U.S. President Donald Trump in 2019, who cited national security concerns and barred the firm from accessing critical technology of U.S. origin. Huawei has repeatedly denied the accusation.

But despite U.S. pressure, Huawei has increased its efforts in innovation.

By the end of 2020, the company held more than 100,000 active patents, representing the company's biggest ever annual increase.

China's economy continued to recover in the first two months of the year, with major indicators surging from last year's low comparison base.

Data from the National Bureau of Statistics shows that the country's industrial output rose by 35 percent year-on-year in the January-February period, compared with 7.3 percent in December.

Meanwhile, retail sales grew by nearly 34 percent on a yearly basis, compared with 4.6 percent in December.

Fixed-asset investment rose by 35 percent, up from 2.9 percent for the whole of last year.

The European Commission has said that the China-EU Comprehensive Agreement on Investment will offer more legal certainty, better market access, and fairer rules of engagement to European companies looking to invest in China.

The Commission says that the bloc needs to engage closely with the rapidly growing Chinese market, adding that the country's contribution to global economic growth is expected to be close to 30 percent in the coming five years.

As China-US relations face some uncertainties, a survey by the American Chamber of Commerce in China said that most US companies expect a rosy year for their business growth in China.

The report says 75 percent of the foreign enterprises surveyed are optimistic about market prospects in China for the next two years and 81 percent of these enterprises say they expect their businesses to grow in China in 2021.

Two-thirds of the surveyed enterprises say they will increase their investment in China.