The move follows sweeping export controls implemented by the United States last year that stopped Nvidia from selling its two most advanced chips to Chinese customers

China has been working on a more than 1 trillion yuan ($145.34 billion) support package for its semiconductor industry, amid tightening US restrictions

The planned exit contrasts with recent expansions in China by its US rivals BlackRock and Fidelity

The two heads of state greeted one another as "dear friend" when they met in the Kremlin on Monday and held informal talks for nearly 4-1/2 hours

Washington cut off Huawei's US supply of chips and access to tech to design its own chips and has also banned the sale of new Huawei equipment in the US

Xi and Putin "will discuss topical issues of further development of comprehensive partnership relations," the Kremlin said

"There's no question in my mind that, in the chip sector, globalisation is dead," TSMC’s retired founder Morris Chang said

The inspections by US audit watchdog PCAOB are part of a deal with Beijing to prevent delistings of Chinese firms from the New York Stock Exchange

"If protecting national security is the objective, divestment doesn't solve the problem," a TikTok spokesperson said, responding to the US threat

Washington’s tech export bans have pushed up costs but prompted China to increase R&D investment and output in some advanced fields, a Chinese study has revealed

A former US security adviser said China would be able to "control the world economy" if it took over Taiwan’s chip factories

"No other bankers in the US provide the level of services SVB used to offer," said an executive at a major Chinese investment bank, which has deposits at Silicon Valley Bank