Beijing Held Emergency Meeting with Chipmakers to Assess U.S. Curbs
- October 20, 2022
- Posted by: Quatro Strategies
- Category: Manufacturing
China’s Ministry of Industry and Information Technology held a series of emergency meetings over the past week with some of the country’s major chip manufacturers in order to assess the damage done from the U.S. chip restrictions. Executives from Yangtze Memory Technologies (YMTC) and supercomputer specialist Dawning Information Industry were among the attendees of the meetings. The Biden Administration this month passed a set of strict export controls to hamper China’s technological and military advances, including sales restrictions on certain advanced chips and chip equipment tools.
It is considered the restrictions will have a broad impact on China’s chipmaking industry, including slowing down Beijing’s efforts to create a domestic semiconductor supply chain and advance commercial and state research involving military weapons, artificial intelligence, data centers and many other areas that are powered by supercomputers and high-end chips.
It is said that many of the participants of the ministry’s meetings said the U.S. restrictions cold be devastating for their industry, as well as China’s ambitions to untether its economy from American technology.
On Sunday, Chinese President Xi called for his country to “win the battle” in core technologies during his Communist Party Congress opening speech.
It cold signal a shift in Beijing’s approach to advancing its tech industry, with more state-led spending and intervention to counter U.S. pressures.
Subscribe to Top Insights Today
The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights
Join the ranks of global executives and subscribe to Top Insights Today
Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business