Senate Poised to Pass Huge Industrial Policy Bill to Counter China – The New York Times

Senate Poised to Pass Huge Industrial Policy Bill to Counter China - The New York Times

“The military and business difference is eroded in Chinas case,” said Senator Chris Coons, a Delaware Democrat who co-sponsored a number of costs that have been folded into the legislation.”What is most striking about the legislation is the degree to which the projects that the costs funds carefully parallel those in Chinas “Made in China 2025” program, which funnels huge federal government spending into technologies where the country is looking for to be independent of outside suppliers. Beijing fears that it will be reliant for years on foreign sources for the most innovative chips and innovative software application; Washington has the mirror-image concern that Chinas supremacy in 5G innovation will offer Beijing the capability to cut off American telecommunications.The shift to limit the intertwining of the two economies may likewise be sped by steps like the one President Biden took on Thursday, when he provided an executive order barring Americans from investing in Chinese businesses that support Chinas military, or that manufacture security technology used in spiritual or ethnic repression.While some Republicans have balked at the expenses expenses– a $52 billion subsidy program for the countrys semiconductor companies and another $195 billion in clinical research and development– a lot of are still signing on.


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