The Chips and Science Act - recently signed into law in the United States - will damage the growth of the global chip industry and international economic and trade rules, the China Council for the Promotion of International Trade said on Monday.

The bill will intensify geopolitical competition in the semiconductor sector worldwide, affect the optimal configuration, security and stability of the industrial and supply chains of the global chip industry, and hinder global economic recovery, said Sun Xiao, spokesman for the Beijing-based agency.

The Chinese business community strongly opposes this bill. Its implementation will not only hinder normal economic, trade and investment cooperation between Chinese and US businesses in the semiconductor field, but also damage the interests of global companies in this sector, including US firms, he said.

The CCPIT and the China Chamber of International Commerce called for the Chinese and US business communities to work together to eliminate the adverse impact of this bill and take effective measures to safeguard their legitimate rights and interests.