China faces a shortage of an estimated 200,000 industry workers this year, a problem that has become even more critical in face of intensified US chip rivalry

China's foreign minister Qin Gang said the country will continue to provide a better business environment for global companies, including US firms

"Red alerts should be going off in all boardrooms right now about risks in China," one US business community person said

While TikTok is not available in China, Chew's hearing was closely watched in the country, with many expressing sympathy for the short video app's chief

The move follows sweeping export controls implemented by the United States last year that stopped Nvidia from selling its two most advanced chips to Chinese customers

The planned exit contrasts with recent expansions in China by its US rivals BlackRock and Fidelity

The two heads of state greeted one another as "dear friend" when they met in the Kremlin on Monday and held informal talks for nearly 4-1/2 hours

"There's no question in my mind that, in the chip sector, globalisation is dead," TSMC’s retired founder Morris Chang said

"If protecting national security is the objective, divestment doesn't solve the problem," a TikTok spokesperson said, responding to the US threat

The move signifies Beijing's changing priorities as it looks to strengthen is capabilities while Washington cuts off access to cutting edge technology

A US official also told a Congressional hearing that some tech shipments to China’s blacklisted telecom equipment maker Huawei were “under assessment”

Huawei expanded its footprint at the Mobile World Congress despite escalating tensions between the US and China over TikTok, spy balloons and computers chips, US News said