US House unveils new legislation to increase competitiveness with China
The US House of Representatives on Tuesday unveiled new legislation to increase competitiveness with China in the areas of economy and national security.
The legislation, titled America COMPETES Act of 2022, would attempt to surge production of American-made semiconductors, tackles supply chain vulnerabilities, and strengthen its economic and national security.
"The House took an important step forward today in advancing legislation that will make our supply chains stronger and reinvigorate the innovation engine of our economy to outcompete China and the rest of the world for decades to come," President Joe Biden said in a White House statement.
The legislation calls for assessments of China's relationships and influence around the world, including a six-month review of China's cooperation with Iran and Russia in an array of areas such as energy, banking, space and defence. It also calls for a six-month review of China's influence in the Middle East and Africa in terms of military cooperation.
The America COMPETES Act would elevate US leadership in international forums and on global issues to counter China's efforts to undermine global rules.
"America COMPETES makes historic investments to strengthen America's economy, security, and global leadership. To compete effectively with the People's Republic of China (PRC), the legislation leverages our core strengths and values, and presents a positive, whole-of-government agenda that rises to the challenges and opportunities of the twenty-first century," said House Foreign Affairs Committee Chairman Gregory Meeks said in a press release.
The bill would mandate the creation of a USD 52 billion semiconductor chip fund to incentivize private-sector investments that help address supply chain disruptions and produce more semiconductors domestically.
The legislation would also authorize USD 45 billion to improve US supply chains and prevent shortages of critical goods by ensuring more critical goods are made in the country.
It also calls for an increase of US State Department personnel and resources devoted to the Indo-Pacific, as well as to regional and international organizations to boost multilateralism and global rules.
Furthermore, the legislation asks for refugee protections for Uyghurs and Hong Kongers who have been persecuted by the China, and provisions to hold China accountable for its human rights violations.
(ANI)
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