Deepening economic woes in China are something the communist regime can no longer dismiss, and dependent countries can’t afford to ignore. Since China’s decision to end its “zero COVID” policy was announced last December, the subsequent economic downturn has hit multiple sectors. Import and export markets have slumped this year, coupled with the country’s soaring debt, underperforming industrial output, and a tanking real estate market. July data showed a significant year-on-year drop in foreign trade, with exports shrinking 14.5 percent and imports falling 12.4 percent. This is complicated by a shrinking labor force and high youth unemployment. The number of young people unable to find jobs hit a record high of 20.4 percent in April among the 16- to 24-year-old age group—spiking to 21.3 percent in June....Read more https://www.theepochtimes.com/world/chinas-economic-downfall-spells-trouble-for-latin-america-opportunity-for-us-5495211
The Department of Commerce announced Friday the final funding rules under the CHIPS and Science Act, preventing China from benefiting from the $52 billion incentives and clearing the last hurdle before awarding the $39 billion portion for semiconductor production. The rules restrict CHIPS funds recipients from investing in most semiconductor manufacturing—advanced and legacy—in “foreign countries of concern” for ten years or from conducting joint research or technology licensing with “foreign entities of concern” on technology or products of national security concern. They also prohibit recipients from using the incentives to build, modify, or improve a chip facility outside the United States....
Republican senators are demanding answers from Homeland Security Secretary Alejandro Mayorkas, over the national security threats posed by a surge in Chinese nationals illegally entering the United States via the southern border. Led by Sen. Roger Marshall (R-Kan.), five senators wrote a letter (pdf) to Mr. Mayorkas on Sept. 20, pointing out that over 18,000 Chinese nationals have illegally crossed the southern border in fiscal year 2023. The lawmakers expressed concerns that these illegal Chinese immigrants could engage in espionage activities on U.S. soil at the direction of the Chinese Communist Party (CCP). Moreover, the lawmakers alleged that some of the more than 18,000 individuals could have ties to the CCP military, formally known as the People’s Liberation Army (PLA)....
The United States has seen no evidence that Chinese manufacturer Huawei can make advanced smartphone chips “at scale,” Commerce Secretary Gina Raimondo told lawmakers on Sept. 19. Huawei recently launched the Mate 60 Pro phone that some analysts described as a “milestone” for China, spotlighting a 7-nanometer chip built domestically by China’s top chipmaker, Semiconductor Manufacturing International Corp. Beijing has hailed the new device as Huawei’s “triumphant return” four years after the United States moved to cut off the firm’s access to essential chipmaking technologies. Ms. Raimondo acknowledged that she was “upset” upon hearing about China’s technological breakthrough during her trip to the country last month....