The U.S. government has passed the CHIPS and Science Act and is trying to set up the 'Chip 4' semiconductor alliance, which includes Japan, China's Taiwan region and South Korea. The Biden administration is committing over $50 billion in tax credits and subsidies to encourage chip giants to build plants in the United States. These seemingly good policies are actually a "Hongmen Banquet", a famous Chinese expression to describe a feast set up as a trap for the invited, as CGTN's Zheng Junfeng argues in this episode of #BizBeat.

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