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China issued a 24-point guideline for improving the climate for foreign investment and attracting more funds. Dr. John Gong, professor of economics at the University of International Business and Economics in Beijing and a China Forum expert believes that it’s a timely measure which could prove successful.
Last week, the United States announced that it will partner with Panama in order to boost semiconductor and bring revenue to the country under the U.S Chips Act.
The chip industry is keen to protect its profits in China as the Biden administration considers another round of restrictions on chip exports to China.
China has slapped a ban on US chipmaker Micron, prohibiting it from selling to Chinese companies involved in key infrastructure projects. Beijing has mirrored Washington's sanctions on the People's Republic's hi-tech technology, Asia-Pacific consultant Thomas W. Pauken told Sputnik, adding that there's more to the development than meets the eye.
The upcoming U.S. CHIPS for America Funding Opportunity program is becoming a new test for President Yoon Suk Yeol's diplomacy, as Washington's strings-attached incentive program is forcing Korean chipmakers, such as Samsung Electronics and SK hynix, to pick a side between the U.S. and China. Given the chipmakers' influence on the Korean economy, the Korean government said related ministries are joining efforts with the companies to explore appropriate responses, but calls are growing to address this issue through summit-level diplomacy.