Chip companies are moving production to the world's largest market for semiconductors, responding to China's push to domesticate manufacturing and replace imports that rival oil in the amount of money they suck out of the country. By shifting plants there, overseas chipmakers are hoping to keep access to important customers such as Chinese electronics makers. "China is the fastest-growing semiconductor market, with more than half of the world's semiconductor consumption and a growing ecosystem of fabless companies competing on a global scale," Globalfoundries chief executive officer Sanjay Jha said in the statement.

http://www.businesstimes.com.sg/technology/globalfoundries-forms-joint-venture-to-make-more-chips-in-china