Zeng Qinghong, chairman of Guangzhou Automobile Group

Zeng said the global auto chip industry market is around 300 billion yuan ($46.41 billion), but the scale of self-developed auto chip industry in China is merely around 7 billion yuan, accounting for less than 2.5 percent of the global market. Moreover, most entities are in low value-added and low reliance fields, while key component development and chip production are monopolized by foreign firms.

Zeng said China should assemble human resources, financial resources and material resources to tackle the chip problem, and enhance construction for industrial chains of key components.