President Xi Jinping inspected a company that manufactures high-tech magnetic m
aterials as he kicked off an inspection trip to East China’s Jiangxi province on Monday.
Xi learned about the business operations of the JL MAG Rare-Earth Co Ltd, based in Ganzhou, which speciali
zes in rare earth permanent magnetic materials, as well as the development of the rare earth sector in the city.
Ren Zhengfei, founder and CEO of Huawei, said on Tuesday that the US governm
ent’s 90-day extension “doesn’t mean much”, adding that the company was ready to deal with the ban.
Ren’s comments came after the US Commerce Department said on Monday that it gave Hu
awei a 90-day license to purchase US technologies to maintain existing networks and provide software upd
ates to existing Huawei handsets. That marks a delay of the ban on US technology exports to Huawei.