China Voices Displeasure Over US Chips Act; Warns Against Aggressive Standoff

China has opposed the U.S. Chips Act and assured aggressive measures to safeguard its legitimate rights when necessary, Reuters reports.
Some provisions in the U.S. act restricted normal economic, trade, and investment activities of relevant firms in China, the country alleged.
The U.S. Chips Act barred companies vying for funding from materially expanding production of chips more advanced than 28-nm in China for ten years.
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The Act restricted the fund contenders from increasing their production of advanced chips in China.
Intel Corp (NASDAQ:INTC) and Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) is the leading contenders for the funding.
The U.S. restricted China's leading chipmaker, Semiconductor Manufacturing International Corp, access to ASML Holding NV's (NASDAQ:ASML) cutting-edge ultraviolet lithography systems.
The U.S. also tightened China's access to relatively advanced chip equipment.
The U.S. weighed restricting access of its chipmaking equipment to memory chip makers in China, including Yangtze Memory Technologies Co Ltd.
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