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The envy of the world semiconductor industry is China’s end-user demand. This driving incentive for domestic and foreign investors alike is exhibited most clearly in the phenomenal market growth rates and penetration rates of China’s key electronics sectors: PCs, telecommunications, and consumer products.
China’s PC market has exhibited a 40% CAGR since 1991, exceeding an unprecedented 48% year-on-year in the first quarter of 2001[1]. While noting that a continued year-on-year growth rate of over 40% is unlikely, JP Morgan also expects continued growth in this sector, estimating a CAGR of more than 26% between 2001 and 2003. (JP Morgan ‘Gold Rush’[2]). (Figure 1)
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