Beijing [China], December 24 (ANI): China expressed strong dissatisfaction and firm opposition to the US’ Section 301 investigation into its semiconductor industry policies, the Chinese Ministry of Commerce said in a statement on Monday, Xinhua reported.
According to Xinhua, the ministry stated that this investigation would lead to disruptions and distortions in global semiconductor industrial and supply chains, negatively affecting both US businesses and consumers.
The US had provided considerable subsidies to its domestic chip industry through legislative measures such as the CHIPS and Science Act, and additionally, the ministry pointed out that US semiconductor companies control around 50 per cent of the global market share, Xinhua reported.
In contrast, Chinese-made chips account for a mere 1.3 per cent of the US market, and the volume of Chinese chip exports to the US is far less than the imports from the US, as noted in a recent US Department of Commerce report, as reported by Xinhua.
According to Xinhua, the ministry urged the US to respect the facts and adhere to multilateral rules, demanding that it immediately halt its misguided actions. It further emphasised that China would closely monitor the progress of the investigation and take all necessary actions to firmly protect its rights and interests. (ANI)
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