China Meets With Tech Companies on Export Control Fallout, Report Says
China’s Ministry of Industry and Information Technology held emergency meetings this week with the country’s leading semiconductor firms to assess the impact of new U.S. chip restrictions, Bloomberg reported Oct. 19. Chinese officials stressed to executives from Yangtze Memory Technologies Co., supercomputer company Dawning Information Industry and others that the domestic market would provide enough demand to make up for any lost sales caused by the U.S. export restrictions, the report said. But the government officials also “appeared uncertain about the way forward and at times appeared to have as many questions as answers for the chipmakers.” During the meeting, YMTC warned the government that “its future may be in jeopardy,” the report said.
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A Chinese Embassy spokesperson in Washington said the embassy was "not aware of the specifics" involving the meetings but criticized the new controls. "The U.S. probably hopes that China and the rest of the developing world will forever stay at the lower end of the industrial chain," the spokesperson said Oct. 20. "This will disrupt the global supply chain and industrial chain, and the final result will hurt itself and others alike." Spokespeople for YMTC and Dawning didn’t respond to a request for comment.