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US Chips Act Fund Ban on China Expansion For 10 Years – FT

Washington has also banned beneficiaries of the $39bn CHIPS and Science Act from using the cash for share buybacks

Gina Raimondo heads the Commerce Dept, which plans to expand its ban on chips and chipmaking tools being shipped to China.
US Secretary of Commerce Gina Raimondo speaks to the press about chip subsidies at a White House briefing on Sept 6, 2022. Photo: Kevin Lamarque, Reuters


Chipmakers must agree to hold off on any expansion plans in China for 10 years if they are to benefit from a $39 billion federal fund set up to boost the US semiconductor industry, the FT reported.

The new US Chips Act rules were announced by Commerce Secretary Gina Raimondo, who said that companies that receive funding must also not “knowingly engage in any joint research or technology licensing effort with a foreign entity of concern that involves sensitive technologies or products”.

Read the full story: The FT


  • By Sean O’Meara


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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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