Chinese companies are buying up U.S. chipmaking equipment to make advanced semiconductors, despite a raft of new export curbs aimed at thwarting advances in the country's semiconductor industry, a report said on Tuesday.

The 741 page annual report, released by the U.S.-China Economic and Security Review Commission, takes aim at the Biden administration's Oct. 2022 export curbs, which seek to bar Chinese chipmakers from getting U.S. chipmaking tools if they would be used to manufacture advanced chips at the 14 nanometer node or below.