Europe's Chip Act came into effect: the global market share will double by 2030.

On the 21st local time, the European Chip Act came into effect. The announcement issued by the European Commission on the same day stated that the program promoted the industrialization of key technologies through the "European Chip Plan" and encouraged public and private enterprises to invest in the manufacturing facilities of chip manufacturers and their suppliers.

Under the framework of the bill, the EU plans to establish a coordination mechanism between member States and the Commission to strengthen cooperation among member States, monitor the supply of chips, estimate the demand, and start an emergency mechanism when necessary.

The announcement said that Europe's share in the global semiconductor production market is less than 10%, and it relies heavily on third-country suppliers. If the global supply chain is seriously disrupted, the European industrial sector may be exhausted in a short time, leading to the stagnation of European industry.

According to the Chip Act, by 2030, the EU will collect 11.15 billion euros of public investment from EU institutions and member States, and will use a lot of private investment. In July this year, the European Parliament passed the Chip Act. The bill requires that by 2030, the share of the European Union's chip production in the world should be increased from the current 10% to 20% to meet its own and world market demand.