Washington's reported move to clamp chip export limits on China by securing deals with the Netherlands and Japan will undermine the stability and security of the global semiconductor industrial supply chain, and hurt the interests of chip companies from all over the world, officials and experts said

The Components and Integrated Circuit International Trade Center, initiated by the State-owned China Electronics Corp and Shenzhen Investment Holdings, was officially inaugurated on Friday as part of the country's broader push to ensure the stability and security of industrial and supply chains.

SMIC, HuaHong and Nexchip promise supply chain security

A worker works on the production line in Hefei-Tongfu Microelectronics Co Ltd on May 26, 2022.

Top Chinese chipmaker Semiconductor Manufacturing International Corp said its revenue rose by 61.1 percent on a yearly basis to a record $1.58 billion in the fourth quarter of last year amid a global chip shortage.

China's integrated circuit industry is expected to witness rapid growth in the next few years, industry experts said, while calling for increasing research and development input and strengthening independent innovation as part of the broader push to establish a relatively complete semiconductor industry chain system.

Revenue of the global semiconductor market is forecast to grow by 17.3 percent this year versus 10.8 percent in 2020, according to a report from International Data Corp, a market research company.