Statement on U.S. export controls regarding China

U.S.Secretary of Commerce Gina Raimondo stated in her remarks that export controls should not be so broad as to block American companies' revenues and drive China to seek the products from other countries. She acknowledged that the implemented rules would indeed impede some of the American companies' revenue, but they believed it is a worthwhile measure.

Last week, executives from U.S. chip manufacturers held discussions with senior Biden administration officials, including Raimondo, and called for a halt to further restrictions on China.

Raimondo emphasized that the Biden administration was engaging with companies to strike the right balance between safeguarding American national security and not harming the American business community. She clarified that their actions were not about holding China back or denying access to commodity technology, but rather preventing China from accessing the most sophisticated U.S. technology for advancing their military.

The Biden administration is currently reviewing a comprehensive set of rules implemented in October to curb China's chip industry and a new executive order that restricts certain outward investments.

According to the Semiconductor Industry Association, China accounted for nearly one-third of the global $574.1 billion semiconductor market with $180 billion in semiconductor purchases last year.