https://sputnikglobe.com/20230527/beijing-seoul-agree-on-semiconductor-industry-chains-amid-china-us-chip-race-1110627904.html
Beijing, Seoul Agree on Semiconductor Industry Chains Amid China-US Chip Race
Beijing, Seoul Agree on Semiconductor Industry Chains Amid China-US Chip Race
Sputnik International
South Korea delivers semiconductors both to China and the US, which continue to lock horns to prevail in the global chip production competition.
2023-05-27T12:41+0000
2023-05-27T12:41+0000
2023-05-27T12:41+0000
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Chinese Commerce Minister Wang Wentao has announced a consensus between Beijing and Seoul on the semiconductor industry.The Chinese commerce minister added that during the negotiations, the sides exchanged views on maintaining the stability of the semiconductor industry supply chains, as well as boosting cooperation in bilateral, regional and multilateral fields. According to him, China is ready to deepen trade ties and investment cooperation with South Korea.The APEC conference came as Seoul is in the crosshairs of a race between the United States and China to prevail in the global chip industry, which is expected to grow to $1.4 trillion in revenue by 2030.South Korea remains a semiconductor supplier for both China and the US amid Washington’s calls to limit Beijing’s access to advanced chips due to purported national security risks.US-China Chip Competition According to the White House, the US and Chinese share of global chip production currently stands at 10% and 15%, respectively. Washington is striving to win the race with Beijing by imposing further restrictions and expanding investments in the domestic chip industry.In October 2022, the Biden administration rolled out the most extensive restrictions to date on Beijing's chip manufacturing industry, requiring licenses for those companies that export chips to China using US tools or software, no matter where they're made in the world. The measures also prevents US citizens and green card holders from working for certain Chinese chip companies.The restrictions were preceded by President Joe Biden signing into law the bipartisan CHIPS and Science Act, which includes more than $52 billion for US companies producing semiconductors, as well as billions more in tax credits to encourage investment in the industry. The goal is to prevent American investors from directly or indirectly contributing to the development of semiconductor production in China.APEC's Detroit ForumThe APEC conference took place in Detroit between May 14 and May 26, bringing together trade ministers, senior officials and working-level experts from the organization’s 21 member countries.During the meetings, APEC ministers, in particular, discussed practical steps of how mutual cooperation can contribute to sustainable and inclusive trade.APEC, which was established in 1989 to leverage the growing interdependence of the Asia-Pacific region, groups Australia, Brunei, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, New Zealand, Papua New Guinea, the Philippines, Russia, Singapore, Thailand, Vietnam, and also the US, Canada, Mexico, Chile and Peru.
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china, south korea, us, spat, semiconductors, chips, agreement
Beijing, Seoul Agree on Semiconductor Industry Chains Amid China-US Chip Race
South Korea delivers semiconductors both to China and the US, which continue to lock horns in a global competition to produce the best chips.
Chinese Commerce Minister Wang Wentao has announced a consensus between Beijing and Seoul on the
semiconductor industry.
Wang told reporters that the issue topped the agenda of his talks with his South Korean counterpart Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which wrapped up on Friday.
The Chinese commerce minister added that during the negotiations, the sides exchanged views on maintaining the stability of the semiconductor industry supply chains, as well as boosting cooperation in bilateral, regional and multilateral fields. According to him, China is ready to deepen trade ties and investment cooperation with South Korea.
A US media outlet has meanwhile cited an unnamed source as saying that the South Korean side had expressed confidence that “[bilateral] communication is needed between working-level officials over all industries," not just for semiconductors.
The APEC conference came as Seoul is in the crosshairs of a race between the United States and China to prevail in the global chip industry, which is expected to grow to $1.4 trillion in revenue by 2030.
South Korea remains a semiconductor supplier for both China and the US amid Washington’s calls to limit Beijing’s access to advanced chips due to purported national security risks.
US-China Chip Competition
According to the White House, the US and Chinese share of global chip production currently stands at 10% and 15%, respectively. Washington is striving to win the race with Beijing by imposing further restrictions and expanding investments in the domestic chip industry.
In October 2022, the Biden administration rolled out the most extensive restrictions to date on Beijing's chip manufacturing industry, requiring licenses for those companies that export chips to China using US tools or software, no matter where they're made in the world. The measures also prevents US citizens and green card holders from working for certain Chinese chip companies.
14 December 2022, 09:36 GMT
The restrictions were preceded by President Joe Biden signing into law
the bipartisan CHIPS and Science Act, which includes more than
$52 billion for US companies producing semiconductors, as well as billions more in tax credits to encourage investment in the industry. The goal is to prevent American investors from directly or indirectly contributing to the development of semiconductor production in China.
The APEC conference took place in Detroit between May 14 and May 26, bringing together trade ministers, senior officials and working-level experts from the organization’s 21 member countries.
Rebecca Sta Maria, Executive Director of the APEC Secretariat, told reporters that “as the Asia-Pacific region emerges from the COVID-19 pandemic, our agenda [of the Detroit forum] will provide an opportunity for members to engage and zero in on how we can ensure international cross-border trade flows smoothly, and how trade can help us address the region’s most pressing challenges from climate change to economic inequality.”
During the meetings, APEC ministers, in particular, discussed practical steps of how mutual cooperation can contribute to sustainable and inclusive trade.
APEC, which was established in 1989 to leverage the growing interdependence of the Asia-Pacific region, groups Australia, Brunei, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, New Zealand, Papua New Guinea, the Philippines, Russia, Singapore, Thailand, Vietnam, and also the US, Canada, Mexico, Chile and Peru.
