and Biden's widened semiconductor sanction to China in Oct 8. Some people just need a wake up smack.China Held Emergency Meetings With Semiconductor Companies After Biden's Curbs: Report
by Bhavik Nair, Benzinga Staff Writer
October 20, 2022 5:22 AM | 2 min read
China’s Ministry of Industry and Information Technology has convened a series of emergency meetings over the past week with leading semiconductor companies to assess the damage from the Biden administration’s chip restrictions and pledge support for the critical sector.
What Happened: The technology overseer called executives from companies including Yangtze Memory Technologies Co. and Dawning Information Industry Co. into closed-door meetings since the U.S. announced the measures, reported Bloomberg.
Officials from the ministry appeared unsure about the way forward. While they did not provide any clue regarding possible counter-measures, they did stress on the fact that the domestic IT market would provide sufficient demand for the affected companies to continue operating, the report added.
Sanctions imposed by the Biden administration prevent the export of chip manufacturing tools and design software and forbid top companies like Taiwan Semiconductor Manufacturing Co. TSM and Samsung Electronics Co Ltd SSNLF from producing cutting-edge chips for Chinese businesses.
The sanctions also require any U.S. citizen working in the Chinese semiconductor industry to quit their job or be at risk of losing U.S. citizenship.
