China's integrated circuit imports reach $371 billion in 2020, more than double oil imports

China's total imports of integrated circuits in 2020 reached RMB 2.4 trillion ($371 billion), up 14.8% year-on-year and more than double that of oil imports, a recent report said.

The number of integrated circuits imported in 2020 is 543.5 billion, up 22.1% year-on-year, said the report, which was published by the National Bureau of Statistics of China.

China's oil imports in 2020 total about RMB 1.22 trillion, remaining one of the largest import sectors.

China's IC exports in 2020 total RMB 805.6 billion, up 15 percent year-on-year, the report shows.

China's IC production in 2020 is 261.47 billion pieces, up 29.6% year-on-year.

China's R&D spending in 2020 is RMB 2.44 trillion, up 10.3% year-on-year and accounting for 2.40% of GDP. Among them, basic research spending is RMB 150.4 billion.

China grants 3.639 million patents in 2020, up 40.4% year-on-year; 72,000 PCT patent applications are accepted, the report said.