US House of Representatives Passes China Competition Bill

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Semiconductor Manufacturing International Corp Headquarters - Sputnik International, 1920, 04.02.2022
A multibillion-dollar Bill is aimed at increasing US competitiveness with China and giving a boost to the US semiconductor manufacturing.
A majority of the US House of Representatives has backed the "Competes Act", a Bill aimed to help the US boost its competitiveness with China.
The House voted 222 to 210 and the Bill is now being sent to the Senate for consideration. It will have to be passed by both chambers before it is sent for President to sign.
President Biden has praised the passing of the bill and said he is looking forward to seeing the bill on his desk for signature after it will be passed in the Senate.
“The House took a critical vote today for stronger supply chains and lower prices, for more manufacturing - and good manufacturing jobs - right here in America, and for outcompeting China and the rest of the world in the 21st century,” his statement reads.

The Bill includes $52 billion to subsidise semiconductor manufacturing and research, and $45 billion to ease supply chain problems that have been causing shortages of the key components used in cars and computers.
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The Bill also allocates $8 billion in the country's contributions to the Green Climate Fund as part of the Paris Agreement to help developing countries cope with climate change. This part of the Bill was opposed by House Republicans who believe that the climate provisions could be used to help Beijing. House Democrats reportedly said that Republicans had refused to cooperate with them while they were working on the legislation.
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