ABSTRACT Amid intensifying global technological competition and sharply rising geopolitical uncertainty, semiconductor supply chain security has become a critical issue shaping national industrial security and macroeconomic stability. Focusing on the structural risks faced by China's semiconductor supply chain under the dual pressures of external shocks and domestic transformation, this study adopts a multi‐actor collaborative governance perspective. It systematically analyses the behavioural logic and strategic interactions among government agencies, core semiconductor firms and foreign suppliers in supply chain security governance. Grounded in the prevailing institutional environment and industrial practice, the study characterizes how these actors weigh interests and evolve strategies under varying levels of regulatory stringency, firm‐level resilience building and cooperation choices, with particular attention to the hub role of core semiconductor firms in the security architecture. The findings indicate that a stable and credible policy environment is a necessary condition for aligning actors around shared security objectives. Core semiconductor firms are pivotal in mitigating systemic risk and enhancing supply chain security by advancing resilience strategies and reducing dependence on single‐source supply channels and narrow technological trajectories. Semiconductor supply chain security is not the product of isolated decisions by any single actor. Instead, it emerges through an evolutionary process shaped by government guidance, firm leadership and supplier coordination. These findings offer practical implications for strengthening China's governance framework for semiconductor supply chain security.
yuan et al. (Tue,) studied this question.