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China’s top technology overseer convened a series of emergency meetings over the past week with leading semiconductor companies, seeking to assess the damage from the Biden administration’s sweeping chip restrictions and pledging support for the critical sector.

The Ministry of Industry and Information Technology has summoned executives from firms including Yangtze Memory Technologies Co. and supercomputer specialist Dawning Information Industry Co. into closed-door meetings since Washington unveiled measures to contain China’s technological ambitions.

MIIT officials appeared uncertain about the way forward and at times appeared to have as many questions as answers for the chipmakers, people familiar with the discussions said. While they refrained from hinting about counter-measures, officials stressed the domestic IT market would provide sufficient demand for affected companies to keep operating, the people said, asking to remain anonymous on a sensitive issue.

Many of the participants argued US curbs collectively spell doom for their industry, as well as China’s ambitions to untether its economy from American technology. Yangtze Memory, among China’s best hopes of getting into cutting-edge chipmaking, warned the MIIT its future may be in jeopardy, according to one of the people.

Chinese semiconductor firms extended gains Thursday after Bloomberg News reported on the potential government support. Gear-makers Naura Technology Group Co.  – Bloomberg