Xi Jinping urges China to step up innovation as semiconductor dispute with U.S. continues

Chinese President Xi Jinping has called on China to boost its innovation capabilities amid the ongoing semiconductor dispute with the United States.

What happened: Speaking at a National Science Conference on Monday, Xi praised China's scientific progress but highlighted the country's relatively weak independent innovation capabilities, Bloomberg reported. Xi noted that some key core technologies are controlled by others and there is a shortage of top scientific and technical talent.

Xi pointed out bottlenecks and constraints in areas such as integrated circuits, industrial machine tools, basic software and advanced materials.

The U.S. Treasury Department last week proposed new rules to curb foreign investment in technologies critical to U.S. national security, escalating a technology war between Washington and Beijing that began with the October 2022 U.S. ban on sales of advanced semiconductors and related technology to China.

Also see: Philippines condemns deliberate aggression in South China Sea by Xi Jinping's military: aggressive and illegal U.S.

China's Commerce Ministry on Monday urged the United States to maintain fair competition and withdraw the proposed investment restrictions, asserting it has the right to retaliate with its own measures.

President Xi reiterated China's determination to “build a scientific and technological power by 2035,” believing this goal would strengthen China's economic and defense power.

Why it matters: The United States is pressuring allies such as Japan and the Netherlands to tighten restrictions on semiconductor manufacturing equipment exports to China. The move is an extension of a 2023 agreement between the United States, Japan and the Netherlands aimed at preventing China from acquiring advanced semiconductor manufacturing equipment that could bolster its military power.

China is making great strides toward self-reliance, with semiconductor giant SMIC expanding semiconductor production with domestically-made tools. Chinese researchers are also developing cost-effective techniques for mass-producing optical chips, potentially allowing them to circumvent U.S. sanctions.

Additionally, Chinese chipmakers are making progress in producing high-bandwidth memory (HBM) chips, a key component of artificial intelligence (AI) chipsets, a development that marks a significant step in China's efforts to reduce its reliance on foreign suppliers amid ongoing tensions with the United States.

Read next: Taiwan President Lai Ching-te denounces dictatorship as China threatens to sentence separatists to death

Image created from Shutterstock photos

This story was produced by Benzinga Neuro and edited by Pooja Rajkumari.

Sources 1/ https://Google.com/ 2/ https://www.benzinga.com/news/24/06/39480781/xi-jinping-urges-china-to-ramp-up-tech-innovation-amid-ongoing-chip-dispute-with-us The mention sources can contact us to remove/changing this article

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