A series of emergency meetings were held last week by China’s Ministry of Industry and Information Technology to assess the damage caused by new export restrictions by the United States.
The Ministry of Commerce summoned executives from Yangtze Memory Technologies Co. (YMTC) and Shuguang Information Industry Co., Ltd.
US export restrictions
China is not too optimistic, the sources said. Many conference participants believed that America’s restrictions meant the closure of many industries. However, neither the companies nor the ministry provided comments to the media.
Semiconductor industry in China
Experts also said the new rules would slow the development of China’s semiconductor industry and affect commercial and government projects in the field. This will affect the military, industries related to artificial intelligence and many other elements that use supercomputers and high-tech chips.
That could mean an investigation into Beijing’s approach to the development of high-tech industries, as Chinese President Xi Jinping on Sunday urged China to “win the battle” in the technology sector. It can get more government subsidies to compete with the US.
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