The Chinese government will provide vigorous support at the national level to build a market-oriented and internationalized business environment for the development of the semiconductor industry, said the nation's top industry regulator on Monday.

Tian Yulong, chief engineer and spokesman for the Ministry of Industry and Information Technology, said the development of the chip industry is experiencing opportunities and challenges and it is necessary to strengthen cooperation on a global scale to jointly build the chip industry chain and to make it more healthy and sustainable.

"Such efforts will not only support the development of China's information society, but also facilitate the development for the development of global information technology," Tian said.

The comments came after the sales revenue of China's integrated circuit industry reached 884.8 billion yuan ($136.89 billion) in 2020, with an annual growth rate of 20 percent, three times the global average industry growth rate during the same period.