China Rejects US Law on Semiconductor Production | News

The Chinese government described this Wednesday as destabilizing the protectionist law signed yesterday by the head of the White House regarding the production of semiconductors. in sequence:

China extends its military exercises in Taiwan for the sixth day

Chinese Foreign Ministry spokesman Wang Wenbin said the new regulations restrict “investment and normal business and economic activities of relevant enterprises in China, as well as limit scientific and technological cooperation between China and the US.”

The Asian spokesman told a news conference that Washington’s move “will undermine global semiconductor supply chains and create obstacles to international trade, China is firmly opposed to that.”

Based on this, a representative of Chinese diplomacy urged the US to respect the provisions of the World Trade Organization (WTO) on the principles of openness, transparency and non-discrimination.

The Chips and Science Act signed on Tuesday by US President Joe Biden releases 52.7 billion dollars in subsidies with the aim of defeating “the economic competition of the 21st century.”

#China describes as destabilizing for global semiconductor supply chains the new protectionist law enacted in #USA. Beijing denounces that this law seeks to stop its development

– Iramsy Peraza (@IramsyteleSUR)
August 10, 2022

Similarly, the US president stressed that “it is not surprising that the Chinese Communist Party actively pressured US companies against this bill.”

The United States manufactured 30 years ago 40 percent of the international production of semiconductors, while currently it produces only 10 percent due to the vertiginous development of the Chinese industry.

Disclaimer: Via Telesur – Translated by RJ983

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