– Receive the daily newsletter in your email for free | Click here, << Back "We have always been in compliance with rules and regulations on export controls," Wang said. ... We don't really look at where they come from -- TSMC or a neighbor or somewhere else.". 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. You are not picking oranges". President Trump had imposed broad tariffs on Chinese goods. That crackdown came on Sept. 25, when the U.S. Commerce Department sent a letter to suppliers warning that they would need a special license to continue shipping to the Chinese chip champion, citing the "unprecedented risk" posed by the company's alleged links with Chinese military. This includes personalizing content and advertising. This conference opened a new model of online and offline integrated development. – Sign up to our newsletters to get our best stories delivered straight to your inbox. FreshPlaza.com. Are you aware of that? Right now I am paying you basic salaries, and you can pay your mortgages, you are among the lucky ones! The company expects full-year revenue growth for 2020 will come in at 24-26% despite a slowdown in the current quarter. This will have a long-term impact on SMIC's future tech development.". The company announced late on Wednesday that it is lowering its planned capex for 2020 to $5.9 billion because of the "uncertainty of certain equipment deliveries from U.S. suppliers due to export restrictions" as well as logistics-related delays for moving equipment into facilities. 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. We use cookies to understand how you use our site and to improve your experience. Now that these companies are losing their overseas customers from Europe and North America, a huge wave of layoffs is foreseeable. A company boss told employees that in south China, 80 percent of private companies rely on exports to survive. The first virtual International Citrus Buyers Conference took place in Yichang, where 103 buyers from 27 countries and regions associated with the Belt and Road initiative had business discussions with six citrus companies from Yichang, reaching international purchases agreements for nearly 110,000 tons of citrus and citrus products with a total value of 82 million US dollars. 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. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Use. The biggest Chinese contract chipmaker had raised its planned spending for the second time this year in August, from an original $3.2 billion to $6.7 billion, which is twice the company's annual revenue of $3.12 billion in 2019. Its citrus is marketed in China and abroad, and is widely appreciated by consumers. Their losses, in turn, would deal a devastating blow to China’s economy. The current economic situation is very severe. 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. 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