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China Update: Escalating Tensions and Economic Challenges

Significant Expansion of China's Export Controls

Following China's 8-day Golden Week holiday, Beijing has signaled a noteworthy shift in its economic and technological policy stance. On Thursday, authorities from the Ministry of Commerce (MOFCOM) and the General Administration of Customs (GAC) announced a sweeping expansion of export controls targeting what they term critical "new quality productive forces" sectors. These measures encompass rare earths, advanced materials, and clean energy technologies, marking arguably one of the most substantial escalations in the ongoing US-China technology and trade confrontation to date.