What’s really holding China back: Bribes, ‘guanxi,’ and the illusion of progress

China is investing more than $140 billion in its race to dominate the semiconductor industry, aiming to close the gap with giants like TSMC and Intel. On paper, it’s an ambitious leap toward technological self-sufficiency. In reality, though, it is a race held back by something far more corrosive than American export controls or geopolitics. It’s…