The US Senate on Tuesday passed a sweeping industrial policy bill. This bill aims at countering a surging economic threat from China. The 170 billion dollar support will help the US in its research and development.
As the United States has been worried over the increasing competition from its Asian rival China. The bill cleared on a 68-32 vote, which remains one of the most significant bipartisan achievements in Congress since Joe Biden took oath as the president.
This also represents the largest investment in scientific research and technological innovation in generations, Senate Majority Leader Chuck Schumer says.
The mammoth bill now heads to the House of Representatives. Earlier it had passed a different version. The two will have to be reconciled into a single bill before sending it to the White House for the president’s assent.
HOW US SEES THREAT OF INNOVATION FROM CHINA?
According to the US President Joe Biden, he was encouraged by the 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 says. “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”, he adds further.
The proposal will help address a number of technological areas in which the US has fallen behind its rival China, including in semiconductor production. CLICK HERE TO READ MORE
The bill allocates 52 billion dollars in funding for a previously approved plan to increase domestic manufacturing of the components.
The bill also authorizes 120 billion dollars over five years for activities at the National Science Foundation to advance priorities including (R&D). It will also include key areas like artificial intelligence (AI) and quantum science.
HOW THE BILL WILL HELP US?
It will also facilitate tie-ups between private firms and research universities. A summary of the Senate legislation notes how China’s CCP is aggressively investing over 150 billion dollars in semiconductor manufacturing.
Apart from the technology, Coronavirus origin probe is also gaining traction globally. An obstinate China is not ready to provide space for a deeper probe into the origins of the deadly virus.
While, the US on the other hand, is trying its best to investigate how the virus came into being. Not only the US but other world countries are also coming together to convince China to cooperate on the same.
A recent study also claims that the coronavirus went through manual engineering by the scientists in the lab. But a reluctant China has been adamant on its stance that there has been no leak from its lab.
The US will also be working with partners around the world to press China to participate in a full, transparent, evidence-based international investigation.
The great probability is still that this virus came from a wildlife reservoir. There are possibilities that the virus jumped from animals to humans. It is very common in nature also.