China Dodges US Export Controls, Buys $38 Billion In Chipmaking Equipment, Congress Report Says

Benzinga

China bought $38B in chipmaking gear from the U.S. and allies in 2024—a 66% surge exposing export control gaps. Lawmakers urge tighter global restrictions as Beijing’s access to advanced tech fuels the U.S.–China semiconductor race.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02China purchased nearly $38 billion in chipmaking equipment for the U.S. and its allies in 2024,

00:07a 66% jump from 2022, according to a bipartisan report by the House Select Committee on China.

00:13The surge highlights loopholes and export controls designed to limit Beijing's ability

00:17to produce advanced semiconductors. The report found that inconsistent restrictions among the

00:21U.S., Japan, and the Netherlands allowed non-U.S. suppliers to sell to Chinese firms

00:26barred from buying American equipment. China accounted for roughly 39% of combined sales

00:31from Applied Materials, ASML, Lab Research, KLA, and Tokyo Electron. U.S. lawmakers urged allied

00:38nations to impose broader chipmaking equipment bans on China and strengthen enforcement,

00:43oversight, and industry support measures. The report coincides with U.S. efforts to restrict

00:47China's access to advanced chips as both nations compete to export technologies like AI data centers

00:53globally. For all things money, visit Benzinga.com.

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