This bill of about $ 200 billion has been prepared to give a tough competition to America in every aspect related to China and the competition in the field of technology in the coming times.
Joe Biden. (File Photo-PTI)
Acknowledging China as its true competition, a comprehensive law by the US to counter China’s growing economic influence will be passed in the Senate on 8 June. The bill will be passed in a bipartisan manner, indicating that both sides in the US see China as a threat to the US.
The law, named the US Innovation and Competition Act, touches on a wide range of issues. President Joe Biden has expressed support for the bill, which would invest more than $200 billion in US manufacturing, technology, research and development. It will create an inter-agency task force in the US to address Chinese market manipulation and authorize spending to support independent media in China. The bill would also consolidate the ‘Made in America’ office that Biden created by executive order earlier this year.
US President will get special powers
The US business community has long accused China of engaging in unfair trade practices such as intellectual property theft and forced technology transfer. This law instructs the US to publish a list of Chinese state companies that use any such gimmicks.
The law also empowers the US President to impose sanctions against any company, people or entities that have stolen US trade secrets or benefited from such theft. as well as to impose sanctions against foreign entities or individuals who have supported or involved in cyberattacks or otherwise undermined US cyber security on behalf of China.
5G will be promoted
The US and China have drawn swords on 5G technology. The US has also banned Chinese companies from selling 5G technology equipment to the US. Due to this, American companies will get $ 1.5 billion funding for the 5G sector under this law.
Investing in Semiconductor Manufacturing
The bill would provide more than $50 billion over five years to subsidize semiconductor manufacturing, which aims to compete with China and address the global chip shortage that disrupts supply chains for things like cars, smartphones and appliances. Has been doing.
Research and development will be encouraged
About $81 billion will be allocated to the National Science Foundation, including $29 billion over five years for a new Directorate of Technology and Innovation, which will establish 10 focus areas, including artificial intelligence, robotics and biotechnology.
$10 billion to create regional tech hubs
The bill would provide $10 billion over five years to the Commerce Department to build a regional technology hub program. Another $10 billion will be given to university technology centers and innovation institutions to conduct research on key focus areas. The Department of Energy will get about $17 billion for research and development for energy-related supply chain activities.
At the same time, the bill to support space exploration legislation will provide some additional funding for NASA to complete the Human Landing System program, which aims to take Americans to the Moon. It will also extend authorization for the International Space Station by 2030 and direct NASA to come up with a plan to develop spacesuits designed for deep space exploration.
China has a tough competition on every aspect
Overall, this bill of about $ 200 billion has been prepared to give a tough competition to America in every aspect related to China and to compete in the field of technology in the coming times. Both the US parties now openly believe that America is in direct competition with China and they do not want to lag behind.
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