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Baijiu Meets Binary: Why Moutai is Investing in Semiconductors
Baijiu meets Binary
At the Two Sessions in spring 2024, liquor SOE bosses proclaimed their supposed contributions to China’s tech self-reliance, and highlighted the need for “cultivating and strengthening Baijiu new-quality productive forces” 培育壮大白酒新质生产力. Xi Jinping urged everyone to “ guard against rushing in and creating bubbles ” and to instead just “ selectively promote the development of new industries, new models, and new growth drivers.” Party-state media published a flood of op-eds warning of irrational investments. Shared bicycles and food delivery, these new business forms and models, bring more convenience to people, stimulate more consumption, boost economic development, increase tax revenue, and only then does the state have money to support the chip industry.
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