The impact of US strengthening of High-Tech Export Control on Chinese High-Tech enterprises and~Countermeasures

Based on the micro data of Chinese high-tech enterprises, this paper studies the impact of US strengthening of high-tech export control on Chinese high-tech enterprise and analyzes the response effect of Chinese monetary policy and fiscal policies. We find that US high-tech export control has negative effect on Chinese high-tech enterprise by restricting the export of chip, industrial mother machines, and advanced manufacturing technology. The implementation of fiscal policies (represented by the National Integrated Circuit Industry Investment Fund) and structural monetary policies (represented by technology innovation refinancing, equipment renewal refinancing, and inclusive small and micro business loan support tools) can actively respond to the negative impact of the US high-tech export control policy. The policy recommendation is to pay attention to the new changes in the US high-tech export control policy, increase the research and development and domestic substitution of advanced chips, industrial mother machines, and advanced manufacturing technologies, increase the support of fiscal policies such as the National Integrated Circuit Industry Investment Fund for Chinese high-tech enterprises and implement structural monetary policies to accurately support Chinese high-tech enterprises.