October 24, 2022: -Chinese chip maker Yangtze Memory Technologies (YMTC) refused a media report that it had taken part in emergency meetings convened by China’s industry ministry to explain the impact of U.S. sanctions.

In a statement late on Thursday, the company described the report as “false and sinister,” adding that the information had damaged its corporate image and seriously affected the semiconductor industry environment at home and abroad.

Bloomberg News says that YMTC and several other Chinese chip companies met with China’s Ministry of Industry and Information Technology to discuss the effect of the latest sanctions from Washington on China’s chip industry.

The Bloomberg report says many parties at the meetings argued that the U.S. curbs spell doom for their industry and China’s ambitions to untether its economy included in American technology.

This month, the U.S. Department of Commerce enacted restrictions on Chinese chip companies that stop supercomputing organizations that obtain advanced artificial intelligence chips, bar Chinese chip manufacturers from receiving advanced making equipment, and forbid U.S. passport holders to work at Chinese companies creating advanced chips.

Experts say the sanctions passed just before China’s 20th Party Congress will pose a significant hurdle for China’s domestic chip industry, which has been a critical priority for Chinese President Xi Jinping.