The two allies are looking to cooperate closely in research and development of advanced chips, artificial intelligence and quantum technology, sources say

“We can theoretically build chips outside of Taiwan, it’s possible [but] the China market cannot be replaced. That’s impossible,” Huang told FT

South Korea's Samsung and SK Hynix, the world's top two makers of memory chips, have invested billions of dollars in chip factories in China

Ties between Russia and China have reached an "unprecedented high", Russian Prime Minister Mikhail Mishustin said during his trip to Beijing on Wednesday

China has lashed out at Tokyo for saying it will take 'resolute countermeasures' if it restricts the export of advanced chipmaking equipment to the mainland

"It takes huge amounts of pre-emptive investment to be a chipmaker, and it takes five years, 10 years to break even on those investments, so putting predictability into jeopardy makes investments difficult," an analyst said

Shares of local and Asian chipmakers rose after China's cyberspace regulator said that Micron, the biggest US memory chipmaker, had failed its network security review

G7 states want to limit 'risk exposure' to China but would still invest in supply supply chains there, German Chancellor Olaf Scholz said on Sunday; Quad leaders also met in Hiroshima

The G7 joint statement is not hostile and nothing in it should come as a surprise to China, given the concerns of G7 members are "well known" to Beijing, a US official said

Wang Wentao is expected to meet his counterpart Gina Raimondo before travelling to Detroit for a meeting of APEC trade ministers and talks with US Trade Rep Katherine Tai

The development comes at a time when the US is increasingly urging its allies to work together to counter China's chips and advanced technology development

A $2.6 billion share sale, if approved by China’s securities watchdog, would follow a capital raising rush by Chinese chipmakers in the face of US sanctions