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

In interviews broadcast on Sunday, the US commerce secretary said China's economy did better when it was more transparent and market-oriented

The 100-million-people country has only 5,000 to 6,000 trained hardware engineers for the chip sector, against expected demand of 20,000 in five years

If true, the development of a homegrown 5G chip would mark a win for China's local semiconductor sector, which has seen stock market gains of roughly 8% so far this week

The US commerce secretary said she would tell Chinese officials, "when it comes to national security we don't negotiate. We don't give concessions. We don't compromise"

Xi was the only state leader personally received by President Cyril Ramaphosa at the airport; in contrast Indian prime minister Narendra Modi was met by Ramaphosa’s deputy

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

Multiple sources said earlier this year that Mintz was looking into the possible use of forced labour in supply chains linked to Xinjiang in days prior to Beijing's crackdown

Earlier this month, China called on all its citizens to be spies for the country, alarming the United States

Recent net selling of Chinese equities was the largest over any 10-day period since October 2022 and one of the steepest moves in the past five years