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Misalignment and unintended consequences: unraveling governance challenges in China’s national integrated circuit industry investment fund

Bojun Meng et al.

Science and Public Policy2025https://doi.org/10.1093/scipol/scaf005article
AJG 2ABDC C
Weight
0.46

What the paper says

Abstract The global resurgence of state-led strategic investment in semiconductors highlights critical governance challenges in implementing industrial policy. Through examining China’s National Integrated Circuit Industry Investment Fund (NICIIF), we reveal how institutional arrangements designed to address knowledge constraints paradoxically create new incentive problems. Using the Robust Political Economy framework, we identify three critical misalignments: strategic-financial misalignment between long-term goals and short-term metrics, political–economic misalignment between central and local priorities, and knowledge-incentive misalignment from leveraging private expertise. These misalignments generate cascading unintended consequences that ultimately undermine policy objectives. Our analysis advances understanding of governance challenges in strategic technology initiatives, offering crucial insights for policymakers designing industrial policy instruments. The findings demonstrate how institutional arrangements in multilayered governance structures can systematically generate implementation gaps between policy intentions and outcomes, with important implications for future policy design.

4 citations

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https://doi.org/https://doi.org/10.1093/scipol/scaf005

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@article{bojun2025,
  title        = {{Misalignment and unintended consequences: unraveling governance challenges in China’s national integrated circuit industry investment fund}},
  author       = {Bojun Meng et al.},
  journal      = {Science and Public Policy},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1093/scipol/scaf005},
}

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Misalignment and unintended consequences: unraveling governance challenges in China’s national integrated circuit industry investment fund

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Evidence weight

0.46

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.37 × 0.4 = 0.15
M · momentum0.60 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.