Chinese ambassador to Japan Wu Jianghao voiced concern over Japan's curb on chip exports to China in a recent speech.

He warned that if Japan insists on chip-making equipment export restrictions, it will lose not only the huge Chinese market but also the future of Japan's semiconductor industry, as semiconductors are Japan's second-largest export product after cars and the biggest export to China.

Wu said that the goal of the U.S. is to build up its hegemony in the semiconductor industry and that if Japan follows the U.S. way, there will be only one result: "China and Japan lose, but the U.S. wins."

Wu made the remarks while attending a meeting of the Japan Association for the Promotion of International Trade (JAPIT). The organization was founded in 1954 and is committed to promoting trade and investment between China and Japan. JAPIT now has more than 500 member enterprises.

The Japanese government unveiled details of its updated list of regulated exports last month, which requires local companies to receive a license before selling 23 types of chip-making equipment to China. The curbs are set to take effect on July 23.

Wu said that during his talks with Japanese business people, he noticed that they are willing to cooperate with China in the areas of new energy, environmental protection, elderly care and others, but when it comes to technological cooperation, he can feel that they become evasive. "I think we all know the reasons behind this," Wu said.

He said that China-Japan cooperation should not be decided by other countries, and economic and trade cooperation should be fair, open, comprehensive and balanced, so Japan's selective cooperation is inadvisable. He urged the Japanese side to make rational decisions and work with China to maintain an unimpeded production and supply chain, achieving win-win results.

Trade between Japan and China fell 11.5 percent in the first quarter of this year, with Japan's exports to China plunging 20 percent. Many Japanese manufacturing companies have moved their factories out of China. Wu said this is due to the "de-sinicization" of manufacturing industries in Japan in the name of "de-risking."

Wu said this is a worrying trend and should be reversed. He also noted that cooperation should be win-win, and China never sees Japan as a risk and will never incite Chinese companies to leave Japan.

Looking forward to resuming mutual exchanges and strengthening cooperation in various fields, Wu said that China welcomes Japanese companies and business people to participate in the third Belt and Road Forum for International Cooperation and the 6th China International Import Expo that will be held by China later this year.