China has released its latest preferential tax policies for chip companies in 2023, as part of its broader push to encourage the development of the homegrown chip industry.

The policies, unveiled by the National Development and Reform Commission on its official website on Wednesday, said eligible semiconductor manufacturing projects, chip designers and other companies engaging in the chip industrial chain can apply for favorable tax policies.

Enterprises that have been included in the list of those able to enjoy preferential tax policies in 2022 need to re-apply in 2023 if they want to enjoy the benefits in the new year.