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November 4, 2018 03:15 pm

Chinese Chip Firm Fujian Jinhua Denies Stealing IP From Micron

Last Thursday, U.S. Attorney General Jeff Sessions announced charges against Chinese state-owned Fujian Jinhua Integrated Circuit Co. and privately owned United Microelectronics Corporation of Taiwan for stealing an estimated $8.75 billion worth of trade secrets from U.S. semiconductor giant Micron. On Saturday, Fujian Jinhua Integrated Circuit Co denied the charges. "Behavior to steal another firm's technology does not exist," Fujian Jinhua said in a statement. "Micron regards the development of Fujian Jinhua as a threat and adopts various means to hamper and destroy the development of Fujian Jinhua." The company "always attaches great importance to the protection of intellectual property rights," Fujian Jinhua added. Reuters reports: The move to block Fujian Jinhua escalated what until now had been a business dispute into the realm of an international trade conflict between the United States and China. The world's top two economies are already waging a tariff war over their trade disputes, with U.S. duties in place on $250 billion worth of Chinese goods and Chinese duties on $110 billion of U.S. goods. The U.S. moves could seriously damage the ambitions of Fujian Jinhua, a firm of strategic importance to China.

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