Business | Thursday, 25 May 2023 at 1:42 pm
In a move that will further inflame relations between the two countries, lawmakers in the United States have called for China to retaliate for banning memory chip maker Micron technology. US representative Mike Gallagher, who chairs a congressional committee focused on China, has proposed adding Changxin memory technologies to a "blacklist" that will prevent it from doing business with American companies. His colleague Michael McCaul, chairman of the House Foreign Affairs Committee, also slammed Beijing and called for a response. "I urge ministration to use the many authorities Congress has given to hold the CCP accountable," Bloomberg said. The chips powering the most technical advances, from artificial intelligence to self-driving vehicles, are produced by Changxin Memory, one of a handful of key Chinese enterprises that reflect Beijing's ambitions to be equal to the US in terms of technology. What's more, the Chinese chipmaker is looking to make history with a valuation of more than $14.5 billion by going public in its market this year. The US lawmaker's proposal was in response to Beijing's decision to prevent Micron from supplying China's basic infrastructure for national security reasons. China's move was an unprecedented move that has already led to accusations of over-access. Tensions over the technology are mounting amid allegations of "economic strain" as the US imposes broad export restrictions on semiconductor equipment to China. On Wednesday, Chinese Foreign Ministry spokesman Mao Ning defended the government's decision to withdraw from Micron. "The cybersecurity review of Micron products sold in China was conducted in accordance with Chinese law and the decision was made based on the facts," Bloomberg wrote. Gotopnews.com
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