During a meeting, Commerce Minister Wang Wentao conveyed to President and CEO of Micron Technology, that China is committed to creating an optimized environment for foreign investment.
A noteworthy thaw in ties between the two greatest economies in the world was indicated by China’s Commerce Minister, Wang Wentao, expressing a good perspective towards Micron Technology Inc., a prominent U.S. semiconductor manufacturer.
During a meeting on November 1st, Commerce Minister Wang Wentao conveyed to Sanjay Mehrotra, President and CEO of Micron Technology, that China is committed to creating an optimized environment for foreign investment.
He further assured that the country will provide service guarantees for foreign enterprises. This announcement was made through a concise statement published on the commerce ministry’s website on Friday.
“We welcome Micron Technology to continue to take root in the Chinese market and achieve better development under the premise of complying with Chinese laws and regulations,” added Wang.
This development comes on the heels of a recent setback faced by Micron, when China’s cyberspace regulator stated that the company had not passed a network security review. As a result, Chinese operators of critical infrastructure were prohibited from purchasing products from the largest U.S. memory chipmaker.
The move by China against Micron was widely interpreted as a retaliatory measure against Washington’s efforts to limit Beijing’s access to crucial technology. This action took place shortly after the Group of Seven (G7) major industrialized nations agreed to focus on “de-risking, not decoupling” from China. Additionally, the U.S. exerted pressure on its allies to join in restricting exports of chip equipment to China.
The Wednesday meeting between Minister Wang and CEO Mehrotra aligns with the recent easing of tensions between Washington and Beijing.
Officials from both countries are actively working to coordinate a meeting between U.S. President Joe Biden and his Chinese counterpart, Xi Jinping, later this month at the Asia-Pacific Economic Cooperation summit in San Francisco. This potential meeting holds the promise of further discussions on crucial issues affecting both nations.