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
- By Sean O’Meara
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