REUTERS
"In China, home buyers occupy their 'rotting', unfinished properties"
By Eduardo Baptista and Xiaoyu Yin
September 26, 2022
GUILIN, China, Sept 26 (Reuters) - For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city's clean air.
Her living conditions, however, are far from those promised: unpainted walls, holes where electric sockets should be and no gas or running water.
Every day she climbs up and down several flights of stairs carrying heavy water bottles filled with a hose outside.
"All the family's savings were invested in this house," Xu, 55, told Reuters from the Xiulan County Mansion complex, her room bare except for a mosquito net-covered bed, a few necessities and empty bottles on the floor.
She declined to give her full name, citing the sensitivity of the matter.
Xu and about 20 other buyers living in Xiulan County Mansion share a makeshift outdoor toilet and gather during the day at a table and benches in the central courtyard area.
They are part of a movement of home buyers around China who have moved into what they call "rotting" apartments, either to pressure developers and authorities to complete them or out of financial necessity, as numerous cash-strapped builders halt construction amid the country's deep real estate slump.
Shanghai E-House Real Estate Research Institute estimated in July that stalled projects accounted for 3.85% of China's housing market in the first half of 2022, equivalent to an area of 231 million square metres.
While some local governments have taken steps to prop up the property market by setting up bailout funds, buyers like Xu, who paid deposits in advance and are on the hook for mortgages, remain in limbo.
MORTGAGE STRIKES
The proliferation of unfinished apartments has sparked unprecedented collective disobedience, fuelled by social media: in late June, thousands of home buyers in at least 100 cities threatened to halt mortgage payments to protest stalled construction.
The overall property market is highly sensitive to cases of unfinished apartments because 90% of new houses bought in China are purchased "off plans" while still under construction, said Yan Yuejin, research director at Shanghai E-House.
"If this issue is not resolved, it will affect property transactions, the government's credibility, and it could exacerbate the developers' debt problems," he said.
China's deep property slump, along with disruptions caused by strict anti-COVID measures, are dragging on the world's second largest economy just as the ruling Communist Party gears up for its once-in-five-years Congress next month.
'CRASHING FROM PARADISE'
Xu bought her two-bedroom, 70 square metre flat in early 2019, about a year after its developer, Jiadengbao Real Estate, started construction and began marketing apartments for around 6,000 yuan ($851) per square metre, which they said would come with facilities such as floor heating and a shared swimming pool.
Work progressed quickly at first, with blocks in the planned 34 tower complex going up one after another.
But in June 2020, Jiadengbao Real Estate hit the headlines after a court accused its parent company of illegal fund-raising and seized 340 million yuan worth of its properties, including a number of flats in Xiulan County Mansion.
Construction stopped in mid-2020, which Xu found out months later, describing her feelings at the time as "crashing from paradise".
Jiadengbao Real Estate did not respond to a request for comment from Reuters.
Since the debt crisis erupted in 2021, thousands more home buyers have been caught in similar predicaments as cash-strapped developers went into bankruptcy or abandoned struggling projects.
FENCING AND UNDERGROWTH
On a recent day, the main block of buildings at Xiulan County Mansion was surrounded by a tall blue fence while the clubhouse, touted in promotional materials, was covered in a dense undergrowth.
Cement mixers, iron poles, and piles of debris lay strewn around.
Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise a family there.
She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament, and no longer speak to her.
"We don't know how long we will have to live here because the government has not said anything officially," she said.
She hopes the Guilin government will step in to help.
The city government did not respond to a request for comment from Reuters.
Housing authorities in Baoding, the northern city where Xu is from and where Jiadengbao Real Estate's parent company is registered, said last November the city government and Communist Party committee had set up a group to resolve the issue.
"If the government really wants to protect people's livelihoods, and resume construction, we will go back home," Xu said.
Reporting by Eduardo Baptista and Xiaoyu Yin; Additional reporting by Beijing newsroom and Xihao Jiang; Editing by Lincoln Feast.
https://www.reuters.com/markets/asia/ch ... 022-09-26/
CHINA
Re: CHINA
REUTERS
"U.S. aims to hobble China's chip industry with sweeping new export rules"
By Stephen Nellis, Karen Freifeld and Alexandra Alper
October 7, 2022
Oct 7 (Reuters) - The Biden administration on Friday published a sweeping set of export controls, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment, vastly expanding its reach in its bid to slow Beijing's technological and military advances.
The rules, some of which go into effect immediately, build on restrictions sent in letters earlier this year to top toolmakers KLA Corp, Lam Research Corp and Applied Materials Inc, effectively requiring them to halt shipments of equipment to wholly Chinese-owned factories producing advanced logic chips.
The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s.
If effective, they could hobble China's chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China's leading factories and chip designers.
"This will set the Chinese back years," said Jim Lewis, a technology and cybersecurity expert at the Center for Strategic and International Studies (CSIS), a Washington D.C.-based think tank, who said the policies harken back to the tough regulations of the height of the Cold War.
"China isn't going to give up on chipmaking ... but this will really slow them (down)."
In a briefing with reporters on Thursday previewing the rules, senior government officials said many of the measures were aimed at preventing foreign firms from selling advanced chips to China or supplying Chinese firms with tools to make their own advanced chips.
They conceded, however, that they had not secured any promises that allied nations would implement similar measures and that discussions with those nations are ongoing.
"We recognize that the unilateral controls we're putting into place will lose effectiveness over time if other countries don't join us," one official said.
"And we risk harming U.S. technology leadership if foreign competitors are not subject to similar controls."
The expansion of U.S. powers to control exports to China of chips made with U.S. tools is based on a broadening of the so-called foreign direct product rule.
It was previously expanded to give the U.S. government authority to control exports of chips made overseas to Chinese telecoms giant Huawei Technologies Co Ltd and later to stop the flow of semiconductors to Russia after its invasion of Ukraine.
On Friday, the Biden administration applied the expanded restrictions to China's IFLYTEK, Dahua Technology, and Megvii Technology, companies added to the entity list in 2019 over allegations they aided Beijing in the suppression of its Uyghur minority group.
The rules published on Friday also block shipments of a broad array of chips for use in Chinese supercomputing systems.
The rules define a supercomputer as any system with more than 100 petaflops of computing power within a floor space of 6,400 square feet, a definition that two industry sources said could also hit some commercial data centers at Chinese tech giants.
Eric Sayers, a defense policy expert at the American Enterprise Institute, said the move reflects a new bid by the Biden administration to contain China's advances instead of simply seeking to level the playing field.
"The scope of the rule and potential impacts are quite stunning but the devil will of course be in the details of implementation," he added.
Companies around the world began to wrestle with the latest U.S. action, with shares of semiconductor manufacturing equipment makers falling.
The Semiconductor Industry Association, which represents chipmakers, said it was studying the regulations and urged the United States to "implement the rules in a targeted way - and in collaboration with international partners - to help level the playing field."
Earlier on Friday, the United States added China's top memory chipmaker YMTC and 30 other Chinese entities to a list of companies that U.S. officials cannot inspect, ratcheting up tensions with Beijing and starting a 60 day-clock that could trigger much tougher penalties.
Companies are added to the unverified list when U.S. authorities cannot complete on-site visits to determine if they can be trusted to receive sensitive U.S. technology, forcing U.S. suppliers to take greater care when shipping to them.
Under a new policy announced on Friday, if a government prevents U.S. officials from conducting site checks at companies placed on the unverified list, U.S. authorities will start the process for adding them to the entity list after 60 days.
Entity listing YMTC would escalate already-rising tensions with Beijing and force its U.S. suppliers to seek difficult-to-obtain licenses from the U.S. government before shipping them even the most low-tech items.
The new regulations will also severely restrict export of U.S. equipment to Chinese memory chip makers and formalize letters sent to Nvidia Corp and Advanced Micro Devices Inc restricting shipments to China of chips used in supercomputing systems that nations around the world rely on to develop nuclear weapons and other military technologies.
Reuters was first to report key details of the new restrictions on memory chip makers, including a reprieve for foreign companies operating in China and the moves to broaden restrictions on shipments to China of technologies from KLA, Lam, Applied Materials, Nvidia and AMD.
Reporting by Stephen Nellis in San Francisco and Karen Freifeld in New York; Additional reporting by David Shepardson in Washington; Editing by Alexandra Alper, Chris Sanders, Matthew Lewis and Richard Chang
https://www.reuters.com/technology/us-a ... 022-10-07/
"U.S. aims to hobble China's chip industry with sweeping new export rules"
By Stephen Nellis, Karen Freifeld and Alexandra Alper
October 7, 2022
Oct 7 (Reuters) - The Biden administration on Friday published a sweeping set of export controls, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment, vastly expanding its reach in its bid to slow Beijing's technological and military advances.
The rules, some of which go into effect immediately, build on restrictions sent in letters earlier this year to top toolmakers KLA Corp, Lam Research Corp and Applied Materials Inc, effectively requiring them to halt shipments of equipment to wholly Chinese-owned factories producing advanced logic chips.
The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s.
If effective, they could hobble China's chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China's leading factories and chip designers.
"This will set the Chinese back years," said Jim Lewis, a technology and cybersecurity expert at the Center for Strategic and International Studies (CSIS), a Washington D.C.-based think tank, who said the policies harken back to the tough regulations of the height of the Cold War.
"China isn't going to give up on chipmaking ... but this will really slow them (down)."
In a briefing with reporters on Thursday previewing the rules, senior government officials said many of the measures were aimed at preventing foreign firms from selling advanced chips to China or supplying Chinese firms with tools to make their own advanced chips.
They conceded, however, that they had not secured any promises that allied nations would implement similar measures and that discussions with those nations are ongoing.
"We recognize that the unilateral controls we're putting into place will lose effectiveness over time if other countries don't join us," one official said.
"And we risk harming U.S. technology leadership if foreign competitors are not subject to similar controls."
The expansion of U.S. powers to control exports to China of chips made with U.S. tools is based on a broadening of the so-called foreign direct product rule.
It was previously expanded to give the U.S. government authority to control exports of chips made overseas to Chinese telecoms giant Huawei Technologies Co Ltd and later to stop the flow of semiconductors to Russia after its invasion of Ukraine.
On Friday, the Biden administration applied the expanded restrictions to China's IFLYTEK, Dahua Technology, and Megvii Technology, companies added to the entity list in 2019 over allegations they aided Beijing in the suppression of its Uyghur minority group.
The rules published on Friday also block shipments of a broad array of chips for use in Chinese supercomputing systems.
The rules define a supercomputer as any system with more than 100 petaflops of computing power within a floor space of 6,400 square feet, a definition that two industry sources said could also hit some commercial data centers at Chinese tech giants.
Eric Sayers, a defense policy expert at the American Enterprise Institute, said the move reflects a new bid by the Biden administration to contain China's advances instead of simply seeking to level the playing field.
"The scope of the rule and potential impacts are quite stunning but the devil will of course be in the details of implementation," he added.
Companies around the world began to wrestle with the latest U.S. action, with shares of semiconductor manufacturing equipment makers falling.
The Semiconductor Industry Association, which represents chipmakers, said it was studying the regulations and urged the United States to "implement the rules in a targeted way - and in collaboration with international partners - to help level the playing field."
Earlier on Friday, the United States added China's top memory chipmaker YMTC and 30 other Chinese entities to a list of companies that U.S. officials cannot inspect, ratcheting up tensions with Beijing and starting a 60 day-clock that could trigger much tougher penalties.
Companies are added to the unverified list when U.S. authorities cannot complete on-site visits to determine if they can be trusted to receive sensitive U.S. technology, forcing U.S. suppliers to take greater care when shipping to them.
Under a new policy announced on Friday, if a government prevents U.S. officials from conducting site checks at companies placed on the unverified list, U.S. authorities will start the process for adding them to the entity list after 60 days.
Entity listing YMTC would escalate already-rising tensions with Beijing and force its U.S. suppliers to seek difficult-to-obtain licenses from the U.S. government before shipping them even the most low-tech items.
The new regulations will also severely restrict export of U.S. equipment to Chinese memory chip makers and formalize letters sent to Nvidia Corp and Advanced Micro Devices Inc restricting shipments to China of chips used in supercomputing systems that nations around the world rely on to develop nuclear weapons and other military technologies.
Reuters was first to report key details of the new restrictions on memory chip makers, including a reprieve for foreign companies operating in China and the moves to broaden restrictions on shipments to China of technologies from KLA, Lam, Applied Materials, Nvidia and AMD.
Reporting by Stephen Nellis in San Francisco and Karen Freifeld in New York; Additional reporting by David Shepardson in Washington; Editing by Alexandra Alper, Chris Sanders, Matthew Lewis and Richard Chang
https://www.reuters.com/technology/us-a ... 022-10-07/
Re: CHINA
REUTERS
"Chip industry grapples with new U.S. curbs on China sales"
By Stephen Nellis and Jane Lanhee Lee
Oct 7 (Reuters) - Companies around the world on Friday began to wrestle with the impact of wide-ranging U.S. curbs on selling chips and chip manufacturing equipment to China.
The sweeping rules have hit chip stocks, with the Philadelphia Semiconductor Index falling nearly 6% by the end of the day.
American semiconductor equipment makers Lam Research Corp, Applied Materials Inc and KLA Corp were all down more than 4%.
Applied Materials said it was assessing the new rules, while Lam and KLA did not immediately respond to requests for comment.
South Korean memory chip maker SK Hynix Inc said on Friday it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China.
American officials on Friday published a sweeping set of rules that restrict the export of some U.S.-made semiconductor manufacturing equipment to China, but provided exemptions for companies from the United States and its allies to seek a license.
"SK Hynix is ready to make its utmost efforts to get the U.S. government's license and will closely work with the Korean government for this," the company said in a statement.
"We're also ready to operate our fabrication plants in China smoothly, while complying with the international order."
Officials on Friday also introduced rules against selling a broad swath of chips for any use in "supercomputer" systems in China.
Supercomputers can be used in developing nuclear weapons and other military technologies.
U.S. companies Nvidia Corp and Advanced Micro Devices Inc both said last month they had been told to stop exporting their top-tier chips to China.
The rules define a supercomputer as any system with 100 or more petaflops of so-called double precision computing power, or 200-plus petaflops of single precision computing power, within a 41,600 cubic feet area.
A petaflop is a measure of a computer's processing speed.
Nvidia, which said last month the rules could affect $400 million of its current-quarter sales in China, said Friday it did not expect any further impact on its business.
"These regulations impose on the broader industry controls on processors meeting certain thresholds that we were already subject to."
"We don't expect the new controls, including restrictions on sales for highly dense systems, to have a material impact on our business," the company said in a statement.
AMD did not respond to a request for comment.
Reporting by Stephen Nellis in San Francisco and Jane Lanhee Lee in Oakland; editing by Jonathan Oatis and Richard Chang
https://www.reuters.com/technology/sk-h ... 022-10-07/
"Chip industry grapples with new U.S. curbs on China sales"
By Stephen Nellis and Jane Lanhee Lee
Oct 7 (Reuters) - Companies around the world on Friday began to wrestle with the impact of wide-ranging U.S. curbs on selling chips and chip manufacturing equipment to China.
The sweeping rules have hit chip stocks, with the Philadelphia Semiconductor Index falling nearly 6% by the end of the day.
American semiconductor equipment makers Lam Research Corp, Applied Materials Inc and KLA Corp were all down more than 4%.
Applied Materials said it was assessing the new rules, while Lam and KLA did not immediately respond to requests for comment.
South Korean memory chip maker SK Hynix Inc said on Friday it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China.
American officials on Friday published a sweeping set of rules that restrict the export of some U.S.-made semiconductor manufacturing equipment to China, but provided exemptions for companies from the United States and its allies to seek a license.
"SK Hynix is ready to make its utmost efforts to get the U.S. government's license and will closely work with the Korean government for this," the company said in a statement.
"We're also ready to operate our fabrication plants in China smoothly, while complying with the international order."
Officials on Friday also introduced rules against selling a broad swath of chips for any use in "supercomputer" systems in China.
Supercomputers can be used in developing nuclear weapons and other military technologies.
U.S. companies Nvidia Corp and Advanced Micro Devices Inc both said last month they had been told to stop exporting their top-tier chips to China.
The rules define a supercomputer as any system with 100 or more petaflops of so-called double precision computing power, or 200-plus petaflops of single precision computing power, within a 41,600 cubic feet area.
A petaflop is a measure of a computer's processing speed.
Nvidia, which said last month the rules could affect $400 million of its current-quarter sales in China, said Friday it did not expect any further impact on its business.
"These regulations impose on the broader industry controls on processors meeting certain thresholds that we were already subject to."
"We don't expect the new controls, including restrictions on sales for highly dense systems, to have a material impact on our business," the company said in a statement.
AMD did not respond to a request for comment.
Reporting by Stephen Nellis in San Francisco and Jane Lanhee Lee in Oakland; editing by Jonathan Oatis and Richard Chang
https://www.reuters.com/technology/sk-h ... 022-10-07/
Re: CHINA
THE CAPE CHARLES MIRROR OCTOBER 8, 2022 AT 6:03 PM
Paul Plante says:
According to Encyclopedia Britannica, the term “economic warfare” means the use of, or the threat to use, economic means against a country in order to weaken its economy and thereby reduce its political and military power.
Joe Biden has been waging economic warfare against Putin and Russia for some time now, trying to effect those goals, and only managing to destroy the economies of his hapless allies instead, and now, as if that is not enough, Joe is expanding his economic warfare to China, as we see in a Reuters article titled “U.S. aims to hobble China’s chip industry with sweeping new export rules” by Stephen Nellis, Karen Freifeld and Alexandra Alper on October 7, 2022, to wit:
Oct 7 (Reuters) – The Biden administration on Friday published a sweeping set of export controls, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment, vastly expanding its reach in its bid to slow Beijing’s technological and military advances.
end quotes
Going back to economic warfare, because in this time of the “ULTRA MAGA BUILD AMERICA BACK BETTER BY DESTROYING THE COMPETITION” policy of the American autocrat Joseph Robinette Biden, Junior, we truly need to understand the concept, economic warfare also includes the use of economic means to compel an adversary to change its policies or behaviour or to undermine its ability to conduct normal relations with other countries, with some common means of economic warfare being trade embargoes, boycotts, sanctions, tariff discrimination, the freezing of capital assets, the suspension of aid, the prohibition of investment and other capital flows, and expropriation.
As American autocrat Joe Biden is doing with Russia, and now China, countries engaging in economic warfare, that being Joe Biden, seek to weaken an adversary’s economy, that being Russia, and now China, by denying the adversary access to necessary physical, financial, and technological resources or by otherwise inhibiting its ability to benefit from trade, financial, and technological exchanges with other countries.
Economic warfare consisting of blockades and the interception of contraband among belligerents has been practiced since before the Peloponnesian War (431–404 BC) in ancient Greece.
In modern times, its uses have broadened to include putting pressure on neutral countries from which enemy countries could obtain supplies and denying potential enemies goods that might contribute to their war-making ability.
The effectiveness of economic warfare depends on a number of factors, including the capacity of the adversary to produce the restricted goods internally or to acquire them from other countries.
Which brings us back to Reuters for more on Joe Biden’s economic war with China, to wit:
The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s.
If effective, they could hobble China’s chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China’s leading factories and chip designers.
“This will set the Chinese back years,” said Jim Lewis, a technology and cybersecurity expert at the Center for Strategic and International Studies (CSIS), a Washington D.C.-based think tank, who said the policies harken back to the tough regulations of the height of the Cold War.
“China isn’t going to give up on chipmaking … but this will really slow them (down).”
In a briefing with reporters on Thursday previewing the rules, senior government officials said many of the measures were aimed at preventing foreign firms from selling advanced chips to China or supplying Chinese firms with tools to make their own advanced chips.
They conceded, however, that they had not secured any promises that allied nations would implement similar measures and that discussions with those nations are ongoing.
“We recognize that the unilateral controls we’re putting into place will lose effectiveness over time if other countries don’t join us,” one official said.
“And we risk harming U.S. technology leadership if foreign competitors are not subject to similar controls.”
end quotes
And let me stop right there to let that last sentence sink in, because it happens to be OUR collective futures that this out-of-control autocrat Joe Biden is gambling with as he tries to win the WAR FOR THE 21ST CENTURY, which war, like the SOUL OF AMERICA Joe is also trying to win the war for, exists only in the fevered imagination of American autocrat Joesph Robinette, Biden, Junior.
http://www.capecharlesmirror.com/news/o ... ent-699732
Paul Plante says:
According to Encyclopedia Britannica, the term “economic warfare” means the use of, or the threat to use, economic means against a country in order to weaken its economy and thereby reduce its political and military power.
Joe Biden has been waging economic warfare against Putin and Russia for some time now, trying to effect those goals, and only managing to destroy the economies of his hapless allies instead, and now, as if that is not enough, Joe is expanding his economic warfare to China, as we see in a Reuters article titled “U.S. aims to hobble China’s chip industry with sweeping new export rules” by Stephen Nellis, Karen Freifeld and Alexandra Alper on October 7, 2022, to wit:
Oct 7 (Reuters) – The Biden administration on Friday published a sweeping set of export controls, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment, vastly expanding its reach in its bid to slow Beijing’s technological and military advances.
end quotes
Going back to economic warfare, because in this time of the “ULTRA MAGA BUILD AMERICA BACK BETTER BY DESTROYING THE COMPETITION” policy of the American autocrat Joseph Robinette Biden, Junior, we truly need to understand the concept, economic warfare also includes the use of economic means to compel an adversary to change its policies or behaviour or to undermine its ability to conduct normal relations with other countries, with some common means of economic warfare being trade embargoes, boycotts, sanctions, tariff discrimination, the freezing of capital assets, the suspension of aid, the prohibition of investment and other capital flows, and expropriation.
As American autocrat Joe Biden is doing with Russia, and now China, countries engaging in economic warfare, that being Joe Biden, seek to weaken an adversary’s economy, that being Russia, and now China, by denying the adversary access to necessary physical, financial, and technological resources or by otherwise inhibiting its ability to benefit from trade, financial, and technological exchanges with other countries.
Economic warfare consisting of blockades and the interception of contraband among belligerents has been practiced since before the Peloponnesian War (431–404 BC) in ancient Greece.
In modern times, its uses have broadened to include putting pressure on neutral countries from which enemy countries could obtain supplies and denying potential enemies goods that might contribute to their war-making ability.
The effectiveness of economic warfare depends on a number of factors, including the capacity of the adversary to produce the restricted goods internally or to acquire them from other countries.
Which brings us back to Reuters for more on Joe Biden’s economic war with China, to wit:
The raft of measures could amount to the biggest shift in U.S. policy toward shipping technology to China since the 1990s.
If effective, they could hobble China’s chip manufacturing industry by forcing American and foreign companies that use U.S. technology to cut off support for some of China’s leading factories and chip designers.
“This will set the Chinese back years,” said Jim Lewis, a technology and cybersecurity expert at the Center for Strategic and International Studies (CSIS), a Washington D.C.-based think tank, who said the policies harken back to the tough regulations of the height of the Cold War.
“China isn’t going to give up on chipmaking … but this will really slow them (down).”
In a briefing with reporters on Thursday previewing the rules, senior government officials said many of the measures were aimed at preventing foreign firms from selling advanced chips to China or supplying Chinese firms with tools to make their own advanced chips.
They conceded, however, that they had not secured any promises that allied nations would implement similar measures and that discussions with those nations are ongoing.
“We recognize that the unilateral controls we’re putting into place will lose effectiveness over time if other countries don’t join us,” one official said.
“And we risk harming U.S. technology leadership if foreign competitors are not subject to similar controls.”
end quotes
And let me stop right there to let that last sentence sink in, because it happens to be OUR collective futures that this out-of-control autocrat Joe Biden is gambling with as he tries to win the WAR FOR THE 21ST CENTURY, which war, like the SOUL OF AMERICA Joe is also trying to win the war for, exists only in the fevered imagination of American autocrat Joesph Robinette, Biden, Junior.
http://www.capecharlesmirror.com/news/o ... ent-699732
Re: CHINA
REUTERS
"Exclusive: KLA to stop sales and service to China to comply with U.S. export curbs"
By Josh Horwitz
October 11, 2022
SHANGHAI, Oct 11 (Reuters) - U.S. chip toolmaker KLA Corp will cease offering some supplies and services from Wednesday to China-based customers including South Korea's SK Hynix in compliance with recent U.S. regulations, a source familiar with the situation said on Tuesday.
The move underscores huge business headwinds facing chipmakers and chip equipment makers around the world, as the Biden administration published a sweeping set of export controls on Friday aimed at slowing China's progress in advanced chip manufacturing.
China is KLA's largest geographic market, bringing in $2.66 billion in sales, or nearly 30% of its total revenue in the last fiscal year that ended in June, according to the company's financial filings.
Under new U.S. regulations released on Friday, companies looking to supply Chinese chipmakers with advanced manufacturing equipment must first obtain a licence from the U.S. Department of Commerce.
The source, who declined to be identified due to the sensitivity of the matter, said staff in China received an email from KLA's legal department stating that effective 11:59 p.m. local time (1559 GMT) on Tuesday, the company shall stop sales and service to "advanced fabs" in China for technology of NAND chips with 128 layers or more, and DRAM chips 18nm and below, and advanced logic chips.
"Our top management team has told us to relax for a couple of months," the source who was briefed on the matter told Reuters.
KLA did not immediately respond to a request for comment outside of working hours.
The source added that the company would also cease supplying China chip plants owned by Intel and SK Hynix, the world's second-largest memory chipmaker.
Reuters previously reported that foreign companies with fabs in China looking to receive advanced chip manufacturing equipment would have their licence applications reviewed on a case-by-case basis, while applications to supply Chinese fabs would be reviewed with through a "presumption of denial" standard.
SK Hynix reiterated its stance that it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China.
Intel did not immediately respond to a request for comment.
China's two leading memory chipmakers - Yangtze Memory Technologies Co Ltd (YMTC), Changxin Memory Technologies Inc (CXMT) - and contract chipmaker Semiconductor Manufacturing International Corp (SMIC) are among the major customers affected by the U.S. export control.
None of the three fabs immediately responded to Reuters' requests for comment.
Another source at an overseas chip equipment company told Reuters that all of the major suppliers to fabs were working round-the-clock to assess the long-term impact of the regulations.
"We are all overreacting at first, while the legal teams work out the details for every piece of software and equipment that could be affected."
Shares in KLA tumbled nearly 5% on Monday, hit by the latest U.S. export control measures.
Along with Lam Research Corp and Applied Materials Inc, KLA is among top U.S. toolmakers now required to halt shipments to wholly Chinese-owned factories producing advanced chips.
Additional reporting by Joyce Lee in Seoul; Editing by Miyoung Kim and Jacqueline Wong
https://www.reuters.com/world/china/exc ... 022-10-11/
"Exclusive: KLA to stop sales and service to China to comply with U.S. export curbs"
By Josh Horwitz
October 11, 2022
SHANGHAI, Oct 11 (Reuters) - U.S. chip toolmaker KLA Corp will cease offering some supplies and services from Wednesday to China-based customers including South Korea's SK Hynix in compliance with recent U.S. regulations, a source familiar with the situation said on Tuesday.
The move underscores huge business headwinds facing chipmakers and chip equipment makers around the world, as the Biden administration published a sweeping set of export controls on Friday aimed at slowing China's progress in advanced chip manufacturing.
China is KLA's largest geographic market, bringing in $2.66 billion in sales, or nearly 30% of its total revenue in the last fiscal year that ended in June, according to the company's financial filings.
Under new U.S. regulations released on Friday, companies looking to supply Chinese chipmakers with advanced manufacturing equipment must first obtain a licence from the U.S. Department of Commerce.
The source, who declined to be identified due to the sensitivity of the matter, said staff in China received an email from KLA's legal department stating that effective 11:59 p.m. local time (1559 GMT) on Tuesday, the company shall stop sales and service to "advanced fabs" in China for technology of NAND chips with 128 layers or more, and DRAM chips 18nm and below, and advanced logic chips.
"Our top management team has told us to relax for a couple of months," the source who was briefed on the matter told Reuters.
KLA did not immediately respond to a request for comment outside of working hours.
The source added that the company would also cease supplying China chip plants owned by Intel and SK Hynix, the world's second-largest memory chipmaker.
Reuters previously reported that foreign companies with fabs in China looking to receive advanced chip manufacturing equipment would have their licence applications reviewed on a case-by-case basis, while applications to supply Chinese fabs would be reviewed with through a "presumption of denial" standard.
SK Hynix reiterated its stance that it would seek a license under new U.S. export control rules for equipment to keep operating its factories in China.
Intel did not immediately respond to a request for comment.
China's two leading memory chipmakers - Yangtze Memory Technologies Co Ltd (YMTC), Changxin Memory Technologies Inc (CXMT) - and contract chipmaker Semiconductor Manufacturing International Corp (SMIC) are among the major customers affected by the U.S. export control.
None of the three fabs immediately responded to Reuters' requests for comment.
Another source at an overseas chip equipment company told Reuters that all of the major suppliers to fabs were working round-the-clock to assess the long-term impact of the regulations.
"We are all overreacting at first, while the legal teams work out the details for every piece of software and equipment that could be affected."
Shares in KLA tumbled nearly 5% on Monday, hit by the latest U.S. export control measures.
Along with Lam Research Corp and Applied Materials Inc, KLA is among top U.S. toolmakers now required to halt shipments to wholly Chinese-owned factories producing advanced chips.
Additional reporting by Joyce Lee in Seoul; Editing by Miyoung Kim and Jacqueline Wong
https://www.reuters.com/world/china/exc ... 022-10-11/
Re: CHINA
Benzinga
"US-China Tensions Aggravate: Chinese Chipmakers Bleed As US Sharpens Its Knives"
Anusuya Lahiri
10 OCTOBER 2022
Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10, as new U.S export controls restricted the sale of semiconductors made with U.S. technology unless vendors obtain an export license.
The controls also barred U.S. citizens or entities from working with Chinese chipmakers without explicit approval and limited the export of manufacturing tools that would allow China to develop its equipment, the Financial Times reports.
The U.S. commerce department had added 31 companies to its “unverified list” to make it more difficult for Chinese companies to manufacture or obtain advanced computer chips vital to cutting-edge technologies.
The chipmakers included China’s largest chipmaker Semiconductor Manufacturing International Corp, Hua Hong Semiconductor Ltd, Shanghai Fudan Microelectronics Co Ltd, Naura Technology, ACM Research, Inc and Advanced Micro-Fabrication Equipment.
A Hong Kong analyst acknowledged that the restrictions affected overall sentiment in the market and are not likely to ease up.
The restrictions had already sent the Philadelphia Stock Exchange Semiconductor index down as analysts warned against Chinese chip producers taking a substantial hit from the new limits.
Traders said the restrictions would likely hit big suppliers across the rest of the Asia-Pacific region.
Taiwan also expressed solidarity with U.S.’s restrictions on China, Reuters reports.
Taiwan, a major chip producer, is home to leading contract chipmaker Taiwan Semiconductor Manufacturing Company Ltd and a major supplier to companies including Apple Inc.
Taiwan has its own concerns about China, especially efforts by Chinese companies to poach chip talent and technical know-how.
The government tightly restricts Taiwanese chip investment in China, the island’s largest trading partner.
Taiwan’s worries have gained pace as China mounts regular military drills near the island.
China had opposed the U.S. Chips Act and assured aggressive measures to safeguard its legitimate rights when necessary.
Some provisions in the U.S. act restricted normal economic, trade, and investment activities of relevant firms in China, the country alleged.
Top U.S. lawmakers had urged the Biden administration to blacklist Chinese semiconductor company Yangtze Memory Technologies Co for allegedly violating export controls by supplying Huawei Technologies Co, Ltd.
https://www.msn.com/en-us/money/news/us ... 7855c2a04d
"US-China Tensions Aggravate: Chinese Chipmakers Bleed As US Sharpens Its Knives"
Anusuya Lahiri
10 OCTOBER 2022
Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10, as new U.S export controls restricted the sale of semiconductors made with U.S. technology unless vendors obtain an export license.
The controls also barred U.S. citizens or entities from working with Chinese chipmakers without explicit approval and limited the export of manufacturing tools that would allow China to develop its equipment, the Financial Times reports.
The U.S. commerce department had added 31 companies to its “unverified list” to make it more difficult for Chinese companies to manufacture or obtain advanced computer chips vital to cutting-edge technologies.
The chipmakers included China’s largest chipmaker Semiconductor Manufacturing International Corp, Hua Hong Semiconductor Ltd, Shanghai Fudan Microelectronics Co Ltd, Naura Technology, ACM Research, Inc and Advanced Micro-Fabrication Equipment.
A Hong Kong analyst acknowledged that the restrictions affected overall sentiment in the market and are not likely to ease up.
The restrictions had already sent the Philadelphia Stock Exchange Semiconductor index down as analysts warned against Chinese chip producers taking a substantial hit from the new limits.
Traders said the restrictions would likely hit big suppliers across the rest of the Asia-Pacific region.
Taiwan also expressed solidarity with U.S.’s restrictions on China, Reuters reports.
Taiwan, a major chip producer, is home to leading contract chipmaker Taiwan Semiconductor Manufacturing Company Ltd and a major supplier to companies including Apple Inc.
Taiwan has its own concerns about China, especially efforts by Chinese companies to poach chip talent and technical know-how.
The government tightly restricts Taiwanese chip investment in China, the island’s largest trading partner.
Taiwan’s worries have gained pace as China mounts regular military drills near the island.
China had opposed the U.S. Chips Act and assured aggressive measures to safeguard its legitimate rights when necessary.
Some provisions in the U.S. act restricted normal economic, trade, and investment activities of relevant firms in China, the country alleged.
Top U.S. lawmakers had urged the Biden administration to blacklist Chinese semiconductor company Yangtze Memory Technologies Co for allegedly violating export controls by supplying Huawei Technologies Co, Ltd.
https://www.msn.com/en-us/money/news/us ... 7855c2a04d
Re: CHINA
REUTERS
"Taiwan and U.S. tensions with China pose 'serious' challenges for chip industry - TSMC"
By Sarah Wu
October 19, 2022
HSINCHU, Taiwan, Oct 19 (Reuters) - Rising Taiwan-China and U.S.-China tensions have brought "more serious" challenges for the semiconductor industry, the chairman of Taiwanese chipmaker TSMC said on Wednesday.
Taiwan is a major producer of chips used in everything from cars and smartphones to data centres and fighter jets, and Taiwan Semiconductor Manufacturing Co Ltd is the world's largest contract chipmaker and Asia's most valuable listed firm.
While the chips sector is already bracing for waning demand as red-hot inflation squeezes spending, Taiwan faces a tougher situation - sandwiched between its largest export market China and its main international backer and arms supplier, the United States - especially as Beijing steps up military pressure to force Taipei to accept Chinese sovereignty claims.
Speaking at the Taiwan Semiconductor Industry Association's annual convention, TSMC Chairman Mark Liu said: "The U.S.-China trade conflict and the escalation of cross-Strait tensions have brought more serious challenges to all industries, including the semiconductor industry."
In recent years, China's government has "never stopped promoting its domestic semiconductor industry", including chip design, manufacturing, and packaging, he said.
The United States has also passed its CHIPS Act to vigorously support local research and development and manufacturing, Liu said.
Liu said he looked forward to Taiwan's industry, government and academia developing "more concrete, constructive measures" on industrial policies related to innovation, research, talent education and retention "to maintain Taiwan's most critical semiconductor industry advantages".
He noted that this year the "industry value" of Taiwan's chip sector is expected to have risen one-fifth compared with 2021, even with the impact of Sino-U.S. trade friction and geopolitical problems.
While Liu did not make direct mention of it, the sweeping set of export controls announced by the United States this month, aimed at slowing China's progress in advanced chip manufacturing, is expected to also impact Taiwanese chipmakers.
The new rules require U.S. companies to cease supplying Chinese chipmakers with equipment to make relatively advanced chips, though Washington has granted some non-Chinese companies operating in China one-year licenses.
"The difficulty this time will be a very big challenge," Nicky Lu, chairman of Taiwan chip design firm Etron Technology Inc, told reporters ahead of the event.
"No one will escape the impact."
Frank Huang, chairman of Powerchip Semiconductor Manufacturing Corp , said the sector was caught in a difficult situation.
"We do business on both sides of the Strait."
"So we can't listen to the U.S. and not do any business with mainland China."
"Then what would everyone eat?" Huang said.
"Our industry's position is to maintain our competitiveness."
TSMC, which makes most of its chips in Taiwan, last week cut its annual investment budget by at least 10% for 2022 and struck a more cautious note than usual on upcoming demand.
TSMC's dominance in making some of the world's most advanced chips for high-end customers such as Apple Inc and Qualcomm Inc has shielded it in recent quarters from the downturn flagged by chipmakers including Micron Technology Inc.
Reporting by Sarah Wu; Writing by Ben Blanchard; Editing by Himani Sarkar & Simon Cameron-Moore
https://www.reuters.com/technology/taiw ... 022-10-19/
"Taiwan and U.S. tensions with China pose 'serious' challenges for chip industry - TSMC"
By Sarah Wu
October 19, 2022
HSINCHU, Taiwan, Oct 19 (Reuters) - Rising Taiwan-China and U.S.-China tensions have brought "more serious" challenges for the semiconductor industry, the chairman of Taiwanese chipmaker TSMC said on Wednesday.
Taiwan is a major producer of chips used in everything from cars and smartphones to data centres and fighter jets, and Taiwan Semiconductor Manufacturing Co Ltd is the world's largest contract chipmaker and Asia's most valuable listed firm.
While the chips sector is already bracing for waning demand as red-hot inflation squeezes spending, Taiwan faces a tougher situation - sandwiched between its largest export market China and its main international backer and arms supplier, the United States - especially as Beijing steps up military pressure to force Taipei to accept Chinese sovereignty claims.
Speaking at the Taiwan Semiconductor Industry Association's annual convention, TSMC Chairman Mark Liu said: "The U.S.-China trade conflict and the escalation of cross-Strait tensions have brought more serious challenges to all industries, including the semiconductor industry."
In recent years, China's government has "never stopped promoting its domestic semiconductor industry", including chip design, manufacturing, and packaging, he said.
The United States has also passed its CHIPS Act to vigorously support local research and development and manufacturing, Liu said.
Liu said he looked forward to Taiwan's industry, government and academia developing "more concrete, constructive measures" on industrial policies related to innovation, research, talent education and retention "to maintain Taiwan's most critical semiconductor industry advantages".
He noted that this year the "industry value" of Taiwan's chip sector is expected to have risen one-fifth compared with 2021, even with the impact of Sino-U.S. trade friction and geopolitical problems.
While Liu did not make direct mention of it, the sweeping set of export controls announced by the United States this month, aimed at slowing China's progress in advanced chip manufacturing, is expected to also impact Taiwanese chipmakers.
The new rules require U.S. companies to cease supplying Chinese chipmakers with equipment to make relatively advanced chips, though Washington has granted some non-Chinese companies operating in China one-year licenses.
"The difficulty this time will be a very big challenge," Nicky Lu, chairman of Taiwan chip design firm Etron Technology Inc, told reporters ahead of the event.
"No one will escape the impact."
Frank Huang, chairman of Powerchip Semiconductor Manufacturing Corp , said the sector was caught in a difficult situation.
"We do business on both sides of the Strait."
"So we can't listen to the U.S. and not do any business with mainland China."
"Then what would everyone eat?" Huang said.
"Our industry's position is to maintain our competitiveness."
TSMC, which makes most of its chips in Taiwan, last week cut its annual investment budget by at least 10% for 2022 and struck a more cautious note than usual on upcoming demand.
TSMC's dominance in making some of the world's most advanced chips for high-end customers such as Apple Inc and Qualcomm Inc has shielded it in recent quarters from the downturn flagged by chipmakers including Micron Technology Inc.
Reporting by Sarah Wu; Writing by Ben Blanchard; Editing by Himani Sarkar & Simon Cameron-Moore
https://www.reuters.com/technology/taiw ... 022-10-19/
Re: CHINA
REUTERS
"China holds emergency talks with chip firms after U.S. curbs -Bloomberg News"
Reuters
October 20, 2022
Oct 20 (Reuters) - China's Ministry of Industry and Information Technology convened a series of emergency meetings over the past week with leading semiconductor companies, seeking to assess the damage from the U.S. chip restrictions, Bloomberg News reported on Thursday.
The ministry summoned executives from firms including Yangtze Memory Technologies Co and supercomputer specialist Dawning Information Industry Co to attend closed-door meetings, the report said.
This month the Biden administration passed a sweeping set of export controls aimed at slowing Beijing's technological and military advances, including sales restrictions on certain advanced chips and chip equipment tools.
Experts have said the new rules will have a broad impact, slowing China's efforts to develop its own chip industry and advance commercial and state research involving military weapons, artificial intelligence, data centres and many other areas that are powered by supercomputers and high-end chips.
According to the Bloomberg report, many of the participants at the meetings argued that the U.S. curbs spell doom for their industry, as well as China’s ambitions to untether its economy from American technology.
YMTC, Dawning and the industry ministry did not immediately reply to Reuters' requests for comment.
On Sunday, Chinese President Xi Jinping called for his country to "win the battle" in core technologies in his full work report as he kicked off the once-every-five-years Communist Party Congress.
Experts have said the work report could signal an overhaul in Beijing's approach to advancing its tech industry, with more state-led spending and intervention to counter U.S. pressures.
Reporting by Jose Joseph in Bengaluru; Editing by Miyoung Kim and Edwina Gibbs
https://www.reuters.com/technology/chin ... 022-10-20/
"China holds emergency talks with chip firms after U.S. curbs -Bloomberg News"
Reuters
October 20, 2022
Oct 20 (Reuters) - China's Ministry of Industry and Information Technology convened a series of emergency meetings over the past week with leading semiconductor companies, seeking to assess the damage from the U.S. chip restrictions, Bloomberg News reported on Thursday.
The ministry summoned executives from firms including Yangtze Memory Technologies Co and supercomputer specialist Dawning Information Industry Co to attend closed-door meetings, the report said.
This month the Biden administration passed a sweeping set of export controls aimed at slowing Beijing's technological and military advances, including sales restrictions on certain advanced chips and chip equipment tools.
Experts have said the new rules will have a broad impact, slowing China's efforts to develop its own chip industry and advance commercial and state research involving military weapons, artificial intelligence, data centres and many other areas that are powered by supercomputers and high-end chips.
According to the Bloomberg report, many of the participants at the meetings argued that the U.S. curbs spell doom for their industry, as well as China’s ambitions to untether its economy from American technology.
YMTC, Dawning and the industry ministry did not immediately reply to Reuters' requests for comment.
On Sunday, Chinese President Xi Jinping called for his country to "win the battle" in core technologies in his full work report as he kicked off the once-every-five-years Communist Party Congress.
Experts have said the work report could signal an overhaul in Beijing's approach to advancing its tech industry, with more state-led spending and intervention to counter U.S. pressures.
Reporting by Jose Joseph in Bengaluru; Editing by Miyoung Kim and Edwina Gibbs
https://www.reuters.com/technology/chin ... 022-10-20/
Re: CHINA
REUTERS
"Saudi, China agree to strengthen energy cooperation - SPA"
Reuters
October 21, 2022
DUBAI, Oct 21 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman and the director of China's National Energy Administration Zhang Jianhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported.
The officials spoke in a teleconference call and stressed the importance of stable long-term supplies to crude oil markets, SPA said.
The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets.
The United States and Saudi Arabia have been at odds since a decision by OPEC+ group of oil producers, of which Saudi is the de facto leader, to cut output even after the Biden administration sought to stay OPEC's hand for a month with an eye on U.S. mid-term elections.
China, the world's largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel.
But reports that Beijing is considering cutting the quarantine period for visitors to seven days have bolstered prices on Thursday despite no official confirmation of the measure.
Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China's most reliable partner and supplier of crude oil.
He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy.
Reporting by Yomna Ehab and Maha El Dahan; Writing by Yomna Ehab and Nadine Awadalla; Editing by Mark Potter and David Evans
https://www.reuters.com/business/energy ... 022-10-21/
"Saudi, China agree to strengthen energy cooperation - SPA"
Reuters
October 21, 2022
DUBAI, Oct 21 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman and the director of China's National Energy Administration Zhang Jianhua on Friday said they would strengthen their ties in the energy sector, the Saudi state news agency SPA reported.
The officials spoke in a teleconference call and stressed the importance of stable long-term supplies to crude oil markets, SPA said.
The Saudi minister reaffirmed earlier on Friday from New Delhi that OPEC+ is doing the right job to ensure stable and sustainable oil markets.
The United States and Saudi Arabia have been at odds since a decision by OPEC+ group of oil producers, of which Saudi is the de facto leader, to cut output even after the Biden administration sought to stay OPEC's hand for a month with an eye on U.S. mid-term elections.
China, the world's largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel.
But reports that Beijing is considering cutting the quarantine period for visitors to seven days have bolstered prices on Thursday despite no official confirmation of the measure.
Prince Abdulaziz and his Chinese counterpart agreed to continue cooperation efforts to maintain stability in oil markets, SPA said, adding that the Kingdom continues to be China's most reliable partner and supplier of crude oil.
He had earlier this week spoken with the trade minister of Japan, another key client, and discussed strengthening cooperation on energy.
Reporting by Yomna Ehab and Maha El Dahan; Writing by Yomna Ehab and Nadine Awadalla; Editing by Mark Potter and David Evans
https://www.reuters.com/business/energy ... 022-10-21/
Re: CHINA
BLOOMBERG
"Biden Crows About Chips Bill, Says Xi ‘Concerned’ About US Plans"
Justin Sink and Jennifer Jacobs
27 OCTOBER 2022
(Bloomberg) -- President Joe Biden said China’s leader had expressed worries about the US strengthening its domestic production of semiconductor chips as his administration moves to reduce reliance on Asian suppliers and restrict Chinese access to chipmaking technology.
“I’ve heard from Xi Jinping that he’s a little concerned about that,” Biden said Thursday in Syracuse, New York, as he delivered a speech touting job growth and his economic agenda ahead of the Nov. 8 midterm elections.
Biden hailed the bipartisan Chips and Science Act, which he signed into law in August, and said it would help the US “out-compete the rest of the world” in chipmaking.
The president spoke at a Micron Technology Inc. site, where the company plans to invest $100 billion to bolster chip manufacturing, an investment Biden said was spurred by the measure.
“Because of the new law I signed and Chuck designed and delivered, we’re turning things way around,” said Biden, who was joined by New York lawmakers and officials, including Senate Majority Leader Chuck Schumer.
Biden said Micron’s investment alone would “increase America’s share of global memory chips and production by 500%.”
The semiconductor subsidy bill is intended to make the US less dependent on Asian chipmaking giants.
Yet the measure has spurred concerns abroad, including among American allies such as South Korea and Japan, about the impact on their companies.
The US Commerce Department also unveiled sweeping regulations on Oct. 7, intending to curb the sale of advanced semiconductors and equipment to China and banning Americans from helping with the country’s development of chip technologies.
The moves strike at the very foundation of China’s efforts to build its own cutting-edge chips.
China’s embassy hit back against the recent US economic measures aimed at curbing Beijing’s access to advanced technology.
Speaking in an online briefing on Thursday, before Biden’s remarks, senior Chinese diplomat Wang Hongxia criticized the new chip rules as an “abuse of export control measures,” and accused the Biden administration of a “politicized and weaponized” approach to normal economic and business cooperation.
“These negative measures have brought huge losses to businesses and consumers in both countries,” said Wang, who is a counselor in the embassy’s office of economic and commercial affairs.
“Once the Chinese market is lost, it will be hard to regain.”
On Thursday, the top US official overseeing export controls said he expects a deal with global allies to limit shipments of chip-producing technology to China.
“We expect to have a deal done in the near term,” Alan Estevez, under secretary of Commerce for industry and security, said at an event hosted by the Center for a New American Security.
Tensions between the US and China have intensified in recent months, with the world’s two largest economies sparring over trade, human rights and Beijing’s aggressive moves against Taiwan.
Xi in a letter to the National Committee on US-China Relations’ annual dinner Wednesday, though, said his nation is willing to work with the US to find ways to cooperate.
The conciliatory tone comes before a potential face-to-face meeting with Biden at a Group of 20 summit next month in Indonesia.
The planning for that encounter is ongoing, though, and a date has not been confirmed.
Biden on Thursday said making chips in the US would lower costs for American consumers, as the administration seeks to counter perceptions it is not doing enough to combat soaring inflation.
With the midterms less than two weeks away, polls show rising costs are voters’ top concern and Democrats are at risk of losing one or both chambers of Congress.
“Making these chips in America is going to help lower the costs for families looking to buy a car, replace your washing machine, get a new cellphone,” he said.
Micron, which first announced its investment earlier this month, has said the plans will generate about 50,000 jobs in the state, including 9,000 high-paying positions.
Biden’s visit to New York is the latest he’s taken to celebrate the chips law.
The president visited an IBM Corp. campus in Poughkeepsie, New York, earlier this month where the company plans to invest $20 billion in quantum computing, and the groundbreaking for an Intel Corp. facility in Ohio in September.
--With assistance from Iain Marlow and Debby Wu.
https://www.msn.com/en-us/money/markets ... 1a99012afb
"Biden Crows About Chips Bill, Says Xi ‘Concerned’ About US Plans"
Justin Sink and Jennifer Jacobs
27 OCTOBER 2022
(Bloomberg) -- President Joe Biden said China’s leader had expressed worries about the US strengthening its domestic production of semiconductor chips as his administration moves to reduce reliance on Asian suppliers and restrict Chinese access to chipmaking technology.
“I’ve heard from Xi Jinping that he’s a little concerned about that,” Biden said Thursday in Syracuse, New York, as he delivered a speech touting job growth and his economic agenda ahead of the Nov. 8 midterm elections.
Biden hailed the bipartisan Chips and Science Act, which he signed into law in August, and said it would help the US “out-compete the rest of the world” in chipmaking.
The president spoke at a Micron Technology Inc. site, where the company plans to invest $100 billion to bolster chip manufacturing, an investment Biden said was spurred by the measure.
“Because of the new law I signed and Chuck designed and delivered, we’re turning things way around,” said Biden, who was joined by New York lawmakers and officials, including Senate Majority Leader Chuck Schumer.
Biden said Micron’s investment alone would “increase America’s share of global memory chips and production by 500%.”
The semiconductor subsidy bill is intended to make the US less dependent on Asian chipmaking giants.
Yet the measure has spurred concerns abroad, including among American allies such as South Korea and Japan, about the impact on their companies.
The US Commerce Department also unveiled sweeping regulations on Oct. 7, intending to curb the sale of advanced semiconductors and equipment to China and banning Americans from helping with the country’s development of chip technologies.
The moves strike at the very foundation of China’s efforts to build its own cutting-edge chips.
China’s embassy hit back against the recent US economic measures aimed at curbing Beijing’s access to advanced technology.
Speaking in an online briefing on Thursday, before Biden’s remarks, senior Chinese diplomat Wang Hongxia criticized the new chip rules as an “abuse of export control measures,” and accused the Biden administration of a “politicized and weaponized” approach to normal economic and business cooperation.
“These negative measures have brought huge losses to businesses and consumers in both countries,” said Wang, who is a counselor in the embassy’s office of economic and commercial affairs.
“Once the Chinese market is lost, it will be hard to regain.”
On Thursday, the top US official overseeing export controls said he expects a deal with global allies to limit shipments of chip-producing technology to China.
“We expect to have a deal done in the near term,” Alan Estevez, under secretary of Commerce for industry and security, said at an event hosted by the Center for a New American Security.
Tensions between the US and China have intensified in recent months, with the world’s two largest economies sparring over trade, human rights and Beijing’s aggressive moves against Taiwan.
Xi in a letter to the National Committee on US-China Relations’ annual dinner Wednesday, though, said his nation is willing to work with the US to find ways to cooperate.
The conciliatory tone comes before a potential face-to-face meeting with Biden at a Group of 20 summit next month in Indonesia.
The planning for that encounter is ongoing, though, and a date has not been confirmed.
Biden on Thursday said making chips in the US would lower costs for American consumers, as the administration seeks to counter perceptions it is not doing enough to combat soaring inflation.
With the midterms less than two weeks away, polls show rising costs are voters’ top concern and Democrats are at risk of losing one or both chambers of Congress.
“Making these chips in America is going to help lower the costs for families looking to buy a car, replace your washing machine, get a new cellphone,” he said.
Micron, which first announced its investment earlier this month, has said the plans will generate about 50,000 jobs in the state, including 9,000 high-paying positions.
Biden’s visit to New York is the latest he’s taken to celebrate the chips law.
The president visited an IBM Corp. campus in Poughkeepsie, New York, earlier this month where the company plans to invest $20 billion in quantum computing, and the groundbreaking for an Intel Corp. facility in Ohio in September.
--With assistance from Iain Marlow and Debby Wu.
https://www.msn.com/en-us/money/markets ... 1a99012afb