China’s Ministry of Commerce announced on Friday that the United States has notified China of its decision to lift several restrictive trade measures. This move could mark a positive step in the often tense economic relationship between the world’s two largest economies.
“China is reviewing, in accordance with laws and regulations, the export license applications for eligible controlled items,” the ministry stated. “Meanwhile, the U.S. has taken corresponding actions, including removing several restrictive measures on China, and has formally informed the Chinese side of the relevant developments.”
This development follows recent economic and trade talks between China and the U.S. in London. It also underscores commitments made during a phone call between the leaders of both nations on June 5.
Although the ministry didn’t specify which trade restrictions were lifted, reports suggest that the U.S. is easing limits on exports of key technologies to China. These include electronic design automation (EDA) software used in making computer chips and certain aircraft engine components.
EDA software is essential for designing semiconductors—the tiny chips that power everything from smartphones to cars. Previously, U.S. companies were restricted from selling these tools to China, aiming to limit China’s advancement in cutting-edge technologies. American companies like Synopsys and Cadence Design Systems are global leaders in this field.
According to reports from Bloomberg and Reuters, Synopsys, Cadence, and Siemens have begun restoring access to their products and services for Chinese customers. These companies control over 70% of China’s EDA market, so their return is a significant boost for China’s tech industry.
The U.S. has also rolled back licensing requirements for American ethane exporters shipping to China. Additionally, GE Aerospace has been allowed to resume shipments of jet engines and related technologies to China’s aircraft manufacturer COMAC.
These policy changes suggest a potential easing of trade tensions between China and the U.S., which could have positive implications for global trade and technology development.
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China says U.S. notified it about lifting some restrictive measures
cgtn.com
