Former vice commerce minister says China's countermeasures will escalate if tougher tech restrictions are imposed. Analysts say they could extend to rare earth elements.

One German business chief said it must “end unilateral dependencies” after Beijing moved to restrict exports of rare metals key to making memory chips

The restriction is aimed at closing a crucial loophole in the export controls the US implemented in October that allowed Chinese AI firms to access high-end chips through the cloud

Insiders and analysts say Pan Gongsheng is known as a risk averse financial technocrat, who played a key role in crackdowns on perceived threats over the past decade

Beijing has ramped up trade rivalry with the US by announcing controls on gallium and germanium - two minor metals widely used in chips, EVs and high-tech products - and it could get worse

The move comes as Japan works to revitalise its chip industry, and the European Union looks to reduce its dependence on China-dominated supply chains

Yellen is expected to discuss cooperation on climate change and global debt distress, plus concerns about China's anti-espionage law in talks with senior finance officials in Beijing this week

The rules, set to come into effect on September 1, will require Dutch companies that make advanced chipmaking equipment to seek a licence before they can export it

The new Arizona chip factory is due to be up and running by next year and a second fab making the most advanced chips set to start production in 2026

Fresh export control rules being considered by the US will prohibit Nvidia from selling to China even those chips it specifically designed to meet earlier limits

Shares of top chip designer Nvidia, plus AMD and other chipmakers have fallen after a report that the US may impose tougher curbs on exports of artificial intelligence chips to China

The Reserve Bank of India said the country's current account deficit stood at $1.3 billion or 0.2% of GDP in January to March, the fourth quarter of 2022/23 fiscal year