Globally, China launched a trade dispute at the World Trade Organization

Globally, China launched a trade dispute at the World Trade Organization against the US over its chip export control measures - a move seeking to address Chinese concerns through legal means, and a necessary way to defend China's legitimate interests, China's Ministry of Commerce said in a statement on December 12. Domestically, China is reportedly working on a more than one trillion yuan ($143 billion) support package for its semiconductor industry, Reuters reported on December 14, citing three sources. The package, allocated over five years and will mainly serve to bolster semiconductor production and research activities at home, will be one of China's "biggest fiscal incentive packages."

However, China took a series of direct and indirect measures to beat back Washington's economic and trade aggressions

However, China took a series of direct and indirect measures to beat back Washington's economic and trade aggressions, including filing and winning suits against the US at the WTO and bolstering its domestic industries to counter the US measures head on. All in all, over the past year, though the US measures impact a series of industries, China stands firm and continues to emerge stronger in a wide range of areas.

GT Yearender: China stands firm against relentless US crackdown in 2022

As if the world isn't facing enough crises from food to energy to economy, 2022 was also marked another year of relentless US unilateralism and protectionism, with a dizzying number of crackdown measures that seriously disrupted global supply chains from energy products to chips. Among Washington's malign economic and trade behavior, the harshest crackdowns were aimed at containing China's rise. In October, Washington fired a final shot to impede China's efforts to develop high-end semiconductors, announced some of the broadest and harshest export controls yet - requiring licenses for firms exporting chips to China using US-originated tools or software, no matter where they're made in the world, no matter which country they come from.