China urges Japan to reconsider proposed hi-tech export bans

China’s Ministry of Commerce stated on Friday that Beijing would take necessary actions to protect its legitimate interests after Japan imposed a series of tech and trade restrictions, including sanctions on over a dozen Chinese companies, News.az reports citing foreign media.

“For some time, certain countries have broadened the concept of national security and abused export controls to suppress China’s semiconductor industry,” the ministry said.

“China reserves the right to take necessary measures and will firmly safeguard its legitimate interests.”

The ministry’s comments follow Tokyo’s announcement on January 17 that 18 Chinese firms would be among dozens around the world added to its sanctions list over accusations that they aided Russia in evading sanctions.

The targeted companies operate in various sectors, from satellite technology to semiconductor research, and include Chang Guang Satellite Technology, the Tianyi Space Technology Research Institute, as well as several Hong Kong-based firms.
From February 9, all assets of the listed Chinese entities within Japan will be frozen, requiring government approval for any financial transactions.

This includes bank deposits, investments, and commercial dealings, making it nearly impossible for the affected firms to secure loans or conduct business with Japanese financial institutions.

News.Az