PRC semi investments probably <500B USD since first big fund 10 years ago. It's not nothing but it's not detriment to PRC growth especially if it chips away at 300B+ annual semi imports. In terms of opportunity cost and geopolitical exposure, it's about as no shit investment as there can be. Especially since every $ saved on imports is not going into US/western semi, forcing US/west to do their own semi industrial policy which given how Intel is doing, maybe far more wasteful. The TLDR is PRC has more to gain from increasing domestic semi vs west because west already market encumbants/dominant and net position is PRC only has market share to gain, often at expense of west. For reference US spent 750B last year on fossil fuel subsidies/incentives, maybe it's wasteful, but most would say it's geopolitically prudent.

E: Also I don't know what OPs talking about Zhou being Xi's economic advisor, he gave like 10m speech at a symposium before 3rd plenum with a bunch of other economists. The PRC economic left commentators (not in power) thought it was a big deal, then picked up western Chinese watching circles who decided to jerk off to notion he has pull when PRC domestic media largely ignored him. If had any influence, he'd be amplified all over PRC news sphere before, during, and after plenum. You can search up 周其仁 (his name) and half the relevant results (i.e. past 6 months) is from RFA and epochtimes lol.