China Commerce Chamber Opposes U.S. Chip Bill-News

China's Chamber of International Commerce expressed firm opposition to the U.S. chip bill signed by President Joe Biden on Tuesday, noting that it will take necessary measures to safeguard the legitimate rights and interests of Chinese companies, CCTV News reported, citing a statement on the CCOIC's website. The bill, which will provide huge subsidies to the U.S. chip industry, does not conform to the non-discrimination principle of the WTO, the statement said. The bill also identifies some countries as key targets with a typical pan-politicized color, bringing increased uncertainty to the business activities of global enterprises, the statement said.