US Senate passes bill to counter China’s tech threat
The US Senate passed a sweeping industrial policy bill Tuesday aimed at countering a surging economic threat from rival China, overcoming partisan divisions to support pumping more than $170 billion into research and development.
The measure, which cleared the chamber on a 68-32 vote and now heads to the House of Representatives, is seen as crucial for US efforts to bolster competitiveness and avoid being out-maneuvered by Beijing as the adversaries compete in the race to technological advancement.
‘This legislation will enable the United States to out-innovate, out-produce and out-compete the world in the industries of the future,’ said Senate Majority Leader Chuck Schumer.
The bill now heads to the House of Representatives, which earlier passed a different version. The two will have to be reconciled into a single bill before it is sent to the White House for the president's signature.
Biden said he was ‘encouraged’ by the Senate's passage of the United States Innovation and Competition Act.
‘We are in a competition to win the 21st century, and the starting gun has gone off,’ Biden said.
‘As other countries continue to invest in their own research and development, we cannot risk falling behind. America must maintain its position as the most innovative and productive nation on Earth.’
The package, a key provision of which addresses a shortage of semiconductors that has slowed US auto production this year, will help US industry bolster its capacity and improve technology.
News Courtesy- http://www.newagebd.net/article/140201/us-senate-passes-bill-to-counter-chinas-tech-threat
It is seen as crucial for US efforts to avoid being out-maneuvered by Beijing as the adversaries compete in the race to technological innovation.
Schumer called the measure ‘one of the most important things this chamber has done in a very long time, a statement of faith in America's ability to seize the opportunities of the 21st century.’
The proposal aims to address a number of technological areas in which the United States has fallen behind its Chinese competitors, including in semiconductor production.
The bill allocates $52 billion in funding for a previously approved plan to increase domestic manufacturing of the components.
It also authorizes $120 billion over five years for activities at the National Science Foundation to advance priorities including research and development in key areas like artificial intelligence (AI) and quantum science.