China's top foundry SMIC's co-CEO said on Friday that U.S. tariff policy had not resulted in the "hard landing" that the company was initially worried about and that strong domestic demand will keep its production capacity tight until October.

Both Russia and China have pushed for the revival of RIC. And last month, India also showed its willingness to revive the RIC, saying any discussion about its revival would be taken in a 'mutually convenient manner'.