China accused Washington on Thursday of trying to block its development after President Joe Biden stepped up a feud over technology and security by tightening controls on U.S. investments that might help Beijing develop its military.
Chinese leader Xi Jinping’s government has announced only small steps to retaliate for Western tech restrictions, possibly to avoid disrupting a multibillion-dollar campaign to create its own processor chip, artificial intelligence and other technology industries.
Chinese rules that took effect Aug. 1 require exporters of gallium and germanium, two metals used in computer chips and solar cells, to obtain government licenses. The announcement rattled Japanese and South Korean electronics manufacturers. The conflict has prompted fears of “decoupling,” or the world splitting into separate industrial markets with conflicting standards that mean electronics, auto and other products and components from one couldn’t be used in the other. That might hamper innovation and economic growth.
Yellen and other U.S. officials say they don’t want “decoupling” but are pursuing “de-risking.” They say that includes developing additional sources of raw materials, industrial components and consumer goods to avoid disruptions like those during the COVID-19 pandemic.of “using the cover of ‘risk reduction’ to carry out ‘decoupling and chain-breaking.’”
At the same time, Xi’s government, citing strategic risks, has pressed Chinese industries to use domestic suppliers whenever possible, even when that raises costs. Xi has called for
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