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White House is said to nix Intel plan to boost chip production in China

The Biden administration is said to have ended a plan for $英特尔 (INTC.US)$ to boost production of chips through manufacturing them in China amid security concerns.
Intel had proposed using a factory in Chengdu, China, to make silicon wafers in order to help ease the current global chip shortage, according to a Bloomberg report, which cited people familiar. The White House is said to have "strongly discouraged" the move.
Intel told Bloomberg in a statement it remains open to “other solutions that will also help us meet high demand for the semiconductors essential to innovation and the economy.”
The report comes as Biden and Chinese President President Xi Jinping are scheduled to hold a virtual meeting on Monday.
Recall in August the WSJ reported that Intel CEO met with Biden Administration officials to pitch a big chip investment plan. CEO Pat Gelsinger has been promoting Intel to build more chip factories in the U.S. and other countries as part of an attempt to reduce over-reliance on suppliers in Asia, and especially China.
Intel plans to invest up to $95B to build semiconductor production facilities in Europe, another step in the company's plan to become a global foundry player amid the chip shortage, the WSJ reported in September.
White House is said to nix Intel plan to boost chip production in China
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