China's chip industry awaits boom despite challenges

While China is known as the "world's factory", seemingly capable of making everything, semiconductor chips have been conspicuously absent on the "Made in China" list.

China's chip imports in 2013 grew 20.5 percent to reach $231.3 billion, exceeding imports of other goods including crude oil. In fact, they have consistently topped China's import list over the past decade.

Considered "the heart" of all electronic devices, chips are vital for developing the broader information industry. Experts have called for more government support and industry innovation, as prolonged underdevelopment of China's chip sector could derail the country's economic upgrade.