China Competition 2.0 Bill
US senators have launched a new legislative push called the China Competition Bill 2.0 to counter China’s growing influence in various areas.
What is the Purpose of the China Competition Bill 2.0?
- The China Competition Bill 2.0 aims to limit the flow of technology to Beijing to safeguard the United States’ business interests and security.
- It also aims to deter China from initiating a conflict with Taiwan by tightening rules.
- Additionally, the bill seeks funding for domestic investments in key technology areas and provides a better US alternative to China’s Belt and Road global infrastructure initiative.
What is the Chips and Science Act?
The newly proposed legislation aims to broaden and replicate the Chips and Science Act. The Chips and Science Act was signed into law by President Joe Biden last year. It authorized more than $170bn over five years to boost US scientific research to better compete with China and $52bn in new subsidies for semiconductor manufacturing and research. Its purpose is to lift Washington’s competition with Beijing in semiconductors and other technology.
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Month: Current Affairs - May, 2023
Category: International / World Current Affairs