ANI
26 Jan 2022, 07:25 GMT+10
Washington [US], January 26 (ANI): 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)Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationTHE VATICAN - The world is in shock and mourning on Easter Monday as it woke to the news that Pope Francis had died. Having recently...
NEW YORK CITY, New York: A former New York City police sergeant, Michael McMahon, was sentenced this week to 1.5 years in prison. He...
WASHINGTON, D.C.: U.S. Interior Secretary Doug Burgum has ordered a stop to construction of Equinor's Empire Wind project off New York's...
SINGAPORE: Amid rising trade tensions, several Asian nations are stepping up energy purchases from the U.S. in hopes of easing tariff...
WASHINGTON DC - In a bid to combat illegal border crossings, the Trump Administration has enacted an emergency transfer of some 110,000...
More than 200 journalists and news photographers, together with family members, have been killed in Gaza in the last 16 months. Despite...
TOKYO, Japan: Toyota is weighing plans to build the next-generation RAV4 SUV in the United States, according to three people familiar...
WASHINGTON, D.C.: Ford is recalling more than 148,000 vehicles across two safety campaigns, according to a notice issued by the National...
NEW YORK CITY, New York: Archer Aviation has announced plans to start an air-taxi service in New York City, working with United Airlines....
TAIPEI, Taiwan: Taiwan's TSMC reported stronger-than-expected first-quarter earnings on Thursday, driven by booming demand for AI-related...
LONDON - Google is facing a multibillion-pound legal challenge in the UK over allegations it misused its dominance in online search...
Lyft is making its first move into Europe with the purchase of mobility platform FreeNow, a nearly $200 million deal that signals a...