If you think America’s controls on China’s access to advanced chips are important, you might have been troubled by the claim from the chief of one of China’s most important semiconductor equipment manufacturers that 80 percent of the chipmaking equipment China imports could be replaced by domestic tools by the end of 2024. The U.S. export control regime on China is designed to restrain the growth of China’s advanced semiconductor manufacturing by limiting Beijing’s access to exquisite machine tools produced by the United States and its allies. But China is moving to replace Western equipment with domestically made tools. If
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