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China trade groups blast U.S. CHIPS Act as hindering innovation

Foreign Ministry accuses Washington of 'economic coercion' with law, subsidies

Attendees visit a display at the SEMICON technology trade fair in Shanghai. China also has invested heavily in its semiconductor industry, through a state-backed fund.   © Reuters

GUANGZHOU -- Two Chinese trade associations on Wednesday slammed the CHIPS and Science Act, arguing that the newly signed U.S. law to promote domestic chipmaking will hurt the industry elsewhere in the world. 

The law will "intensify geopolitical competition in the semiconductor industry and hinder the global economic recovery and the growth of technological innovation," said the groups, the China Council for the Promotion of International Trade and the China Chamber of International Commerce.

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