Washington5 hours ago
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The US Senate is bringing a package of comprehensive laws to eliminate the growing Chinese technology and its influence in the country.
- Senate passed a bill named US Innovation and Competition Act
America is going to launch the biggest campaign of Chinese blockade. The US Senate is bringing a package of comprehensive laws to eliminate the growing Chinese technology and its influence in the country. The bill will be passed under a bipartisan system. Through this, an attempt will be made to indicate that both the Democratic and Republican parties consider China a threat to America.
This bill, named the US Innovation and Competition Act, has been created by several Senate committees. President Joe Biden has expressed support for this, which approves an investment of about Rs 18 lakh crore in American manufacturing, technology research and development.
At the end of May, this bill has got procedural approval from 68-30 and it is expected that this bill will be approved along with other issues. The American business community has long accused Chinese companies of engaging in unethical practices. Such as stealing intellectual property rights and forcibly transferring their technology to the market.
This bill empowers to publish a list of companies doing such unethical practices. Also, the President can impose sanctions on such people or institutions. Under the law, foreign establishments that have supported or have been involved in cyber attacks in the US will also be banned. It will constitute a task force to deal with the issue of manipulation in America. It will also fund to support independent media in China.
Under this bill with a provision of Rs 18 lakh crore, regional technology hubs will be created in America. A budget of $29 billion has been earmarked for advanced technology sectors such as AI, robotics and biotechnology. Democratic Senate Chuck Schumer, co-sponsor of the bill, says the US spends less than 1% of its GDP on scientific research, which is less than half that of China. The bill will be the largest investment in research and innovation that will help provide the United States with world leadership in the industries of the future.
14 lakh crore budget for technology and research This bill provides a budget of about 190 billion dollars (about Rs 14 lakh crore) for provisions to strengthen American technology and research. Approves an additional budget of $ 54 billion for the production of telecommunications equipment.
The bill would give more than $50 billion over five years to subsidize semiconductor manufacturing, aiming to compete with China and address the global chip shortage that is disrupting the supply of cars, smartphones and electronic devices. .