U.S. House to take up bill next week on China competition, chips industry

House Majority Leader Steny Hoyer said on Friday that the House would vote on the 2,900-page bill, called the "America Competes" act, saying it would "make further strides in innovation, technology, and advanced manufacturing." The bill also authorizes $45 billion to support supply-chain resilience and manufacturing of critical goods, industrial equipment, and manufacturing technology.

The Senate passed the U.S. Innovation and Competition Act last year, which includes $52 billion to increase U.S. semiconductor production and authorizes $190 billion to strengthen U.S. technology and research to compete with China. The House bill also includes a number of trade provisions and would impose additional sanctions on China for what the U.S. says are rights abuses against Uyghurs and other Muslim minority groups in the Xinjiang region. China denies the allegations. The bill would also offer refugee status for qualifying people from Hong Kong, where Beijing has cracked down on pro-democracy activists.

Source: News Formal (newsformal.com)

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