The Chinese commerce ministry did not respond to a request for further comment.Īsked about the metals export curbs, Chinese foreign ministry spokesman Wang Wenbin said on Wednesday the government's actions were reasonable and lawful. The Global Times state media tabloid, in a separate editorial published late on Tuesday, said it was a " practical way" of telling the United States and its allies that their efforts to stop China procuring more advanced technology was a "miscalculation". Independence Day and just before Yellen visits Beijing from Thursday, analysts said the controls were clearly timed to send a message to the Biden administration, which has been targeting China's chip sector and pushing allies such as Japan and the Netherlands to follow suit.Ĭhina's move has also raised concerns that restrictions on rare earth exports could follow, with analysts pointing to a curb on shipments imposed 12 years ago in a dispute with Japan.Ĭhina is the world's biggest producer of rare earths, a group of metals used in EVs and military equipment.Īnalysts have described Monday's move as China's second - and bigger - countermeasure in the long-running U.S.-China tech fight, coming after it banned some key domestic industries from purchasing from U.S. "If restrictions targeting China's high-technology sector continue then countermeasures will escalate," added Wei, vice commerce minister 2003-2008 and now vice chairman of China Center for International Economic Exchanges, a state-backed think tank.Īnnounced on the eve of U.S. On Wednesday, former Vice Commerce Minister Wei Jianguo told the China Daily newspaper that countries should brace for more should they continue to pressure China, describing the controls as a "well-thought-out heavy punch" and "just a start". 1 on exports of some gallium and germanium products, also used in electric vehicles (EVs) and fibre optic cables, has sent companies scrambling to secure supplies and bumped up prices. Gallium is used in radar and radio communication devices, satellites and LEDs.Ĭhina's abrupt announcement of controls from Aug. Germanium is used in high-speed computer chips, plastics and in military applications such as night-vision devices, as well as satellite imagery sensors. Shares in some Chinese metals companies rallied for a second session as investors bet that higher prices for gallium and germanium, which Beijing's export restrictions target, could boost revenues.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |