China Splurges on Chip Tech Kit to Beat US Sanctions – Yahoo

China has been on a huge spending spree as it rushes to stock up on vital microchip equipment in a bid to beat US tech sanctions, Yahoo! Finance reported.

Official data showed China imported $10.6 billion worth of semiconductor equipment in the last three months of 2023, analysts from Barclays said, with Alicia Kearns, the chair of the UK’s Foreign Affairs select committee, saying that China was also seeking to boost its domestic industry at the expense of rival Taiwan’s.

“China’s purchase of semiconductor equipment, despite export restrictions imposed by the UK, US and our allies, is troubling and demonstrates we must tighten our restrictions and close all loopholes,” she said.

Read the full story: Yahoo! Finance

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Sean O’Meara

Sean O’Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.