Top South Korean chipmakers Samsung and SK Hynix currently have permits to import US chip-making equipment into China, where they have extensive production facilities

China’s Ministry of State Security made the claims in a report titled “Uncovering the main despicable means of cyberattacks and secret theft by US intelligence agencies”

Huawei’s planned event comes on the heels of Apple’s iPhone 15 launch event held on Tuesday, which received mixed reactions in China

The cloud unit is Alibaba's second-biggest money spinner, valued at $41 billion to $60 billion ahead of an IPO planned for next year

The chief of one of the world’s biggest chip equipment-makers, ASML, said isolating China completely will ‘force’ the country to ramp up innovation

State media said the investment was a clear sign of Beijing's push to end the country's reliance on foreign semiconductor firms

The development follows sanctions-hit Huawei's success in building an advanced 7-nanometer processor, in collaboration with state-backed SMIC

The landmark deal, signed when Beijing and Washington established diplomatic ties in 1979, needs to be renewed about every five years and is currently set to expire later this week

The more than 300-page document mentioned "PRC" 130 times and "China" 222 times, as it outlined risks and uncertainties emanating from the ongoing chip war between Beijing and the West

Chinese firms are desperate to develop their own innovations as trade tensions with the West and its neighbours continue to escalate

The move has racked up costs for makers of drones in the country, with around 70% of goods in the supply chain currently being made in China

A return to profit could ease pressure on SoftBank founder and CEO Masayoshi Son, who revealed in June plans to shift to "offence mode" amid excitement over advances in AI