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  • By The Financial District

China Slams U.S. Ban On Chip Exports To China

China on Saturday criticized the latest US decision to tighten export controls that would make it harder for China to obtain and manufacture advanced computing chips, calling it a violation of international economic and trade rules that will “isolate and backfire” on the US, the Associated Press (AP) reported.

Photo Insert: Semiconductor firms Nvidia and AMD have seen a 40% decline in stock price over the past year.

“Out of the need to maintain its sci-tech hegemony, the U.S. abuses export control measures to maliciously block and suppress Chinese companies,” said Foreign Ministry spokeswoman Mao Ning.

“It will not only damage the legitimate rights and interests of Chinese companies but also affect American companies’ interests,” she said.

Mao also said that the US “weaponization and politicization” of science and technology as well as economic and trade issues will not stop China’s progress.

She was speaking after the US on Friday updated export controls that included adding certain advanced, high-performance computing chips and semiconductor manufacturing equipment to its list, as well as new license requirements for items that would be used in a supercomputer or for semiconductor development in China.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The US said that the export controls were added as part of ongoing efforts to protect US national security and foreign policy interests. US-China relations have deteriorated in years over technology and security issues.

The US has imposed a raft of measures designed to prevent China from obtaining chip technology while China has invested billions into the production of semiconductors.

Government & politics: Politicians, government officials and delegates standing in front of their country flags in a political event in the financial district.

The tensions have impacted semiconductor firms in the US and globally which either export chips or manufacture chips in China. Semiconductor firms Nvidia and AMD have seen a 40% decline in stock price over the past year.

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