China cuts taxes on circuit industry in face of US pressure
BEIJING (AP) — China is cutting taxes on its fledgling software and integrated circuit industries to spur development in the face of U.S. export controls that threaten to handicap Chinese tech companies.
The Finance Ministry’s announcement Wednesday comes amid tension over Washington’s decision to restrict technology exports to Chinese telecom equipment giant Huawei and other companies.
Chinese makers of smartphones and other products rely on U.S. components but Beijing is spending heavily to develop its own suppliers.