Even though he refrained from making a direct connection between his company's advances and its rival's headwinds, Wang said, "I can tell you that we did get a lot of new traction lately from both new and existing customers. We require you to complete all the text fields marked with *. It’s a chain reaction. In south China, 80 percent of private companies rely on exports, just like our company. U.S.-based Chinese commentator Wen Zhao pointed out that Chinese leaders gravely erred when obstructing Western countries’ efforts to evacuate their citizens and shut down borders to China. It is hoped that this will open up an opportunity for more citrus from Yichang to go global and allow more overseas consumers to understand China and fall in love with Yichang. No matter which way the export control policy swings, "I don't believe it will affect us.". Cookie Policy You are receiving this pop-up because this is the first time you are visiting our site. {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}}. Publication date: A company boss told employees that in south China, 80 percent of private companies rely on exports to survive. Wen said that in the handling of the pandemic, China’s top leaders chose the path that would lead to the worst consequence for China itself. As long as the United States is struggling to combat the pandemic, there will be no improvement for China’s economy. Due to the extraterritorial character of the new law, the Export Control Law will impact not only Chinese domestic companies in China but also foreign businesses located outside of China. Our business model is to produce about 85 to 90 percent of our products for export. Their losses, in turn, would deal a devastating blow to China’s economy. However, like other Chinese laws, one notable characteristic of the Export … – 2020-11-10 Chinese citrus companies signed $82-million-worth of export contracts 2020-11-09 Ring fruit may help Texas citrus industry finish strong 2020-11-09 Price of Chinese sugar … President Trump had imposed broad tariffs on Chinese goods. ... Chinese companies have an advantage with the stockpile of patents they’ve generated, but it … © AP, CHENG TING-FANG, LAULY LI and KENJI KAWASE, Nikkei staff writers, With demand from East and West, Taiwan sees record chip orders, Tech after Trump: What a Biden win will mean for Asia, China never stole its way to the top, and Biden should say so, China's 2035 plan raises fears of greater confrontation with US, SK-Intel NAND deal points to wider shake-up of chip sector, Huawei's Q3 growth slows as 'intense' US pressure hits supplies. Revenue for July-September hit $253 million, up 5.9% on the year for its highest quarter ever. Many market watchers at the time speculated that the increase would be used to buy more production tools and parts ahead of schedule, to counter a likely Washington crackdown. Get trusted insights from experts within Asia itself. Though he did not mention Huawei by name, Liang also said SMIC will be able to mitigate the loss of orders from "a certain customer" targeted by the U.S. in two or three quarters. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use. A company boss told employees that in south China, 80 percent of private companies rely on exports to survive. We use cookies to understand how you use our site and to improve your experience. Any company that can still pay regular salaries to its employees is simply outstanding! There are currently 74.2 billion yuan ($10.5 billion) of credit card debt and hundreds of billions of yuan mortgage debt that cannot be paid on time. SMIC's local competitor Hua Hong Semiconductor also reported relatively strong earnings this week. Prior to the conference, key citrus export companies in the city also held three online sessions with international buyers, which achieved positive results. SMIC's gross margin of 24.2% was an improvement from 20.8% a year ago. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. However, he pointed out that the company is a validated end-user, or VEU, meaning it has approval from the U.S. Commerce Department to receive certain American exports with reduced licensing requirements. "It is too early to tell at this point whether there will be any changes with regards to export controls." China's top chipmaker SMIC cuts spending due to US export curbs, Chinese chip champion SMIC is no longer allowed to ship to its biggest client, Huawei Technologies, without a U.S. license. By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. Liang Mong-Song, SMIC's co-CEO, said the company is working to mitigate the impact of Washington's crackdown on its business. Please review our Yichang has been renowned as the “Hometown of Citrus" since ancient times. ZHONGSHAN, China — This was supposed to be the year that China’s export machine began to stall. The Chinese government’s new export restrictions will make that even more challenging. Tue 10 Nov 2020. Western countries suffered huge losses from the pandemic as a result, both in terms of human lives and economically. Sign up for our daily Newsletter and stay up to date with all the latest news! Based on your current location, we selected the Europe edition of FreshPlaza.com for you, You are currently in the Europe edition of FreshPlaza.com. Please click one of the other regions below to switch to another edition. SMIC is at the heart of Beijing's ambition to cut China's reliance on foreign chipmakers. "We have always been in compliance with rules and regulations on export controls," Wang said. This content was commissioned by Nikkei's Global Business Bureau.

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