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China slams US over innovation and competition law
US China flags stock photo
CHINA reacted angrily today to the US Senate’s Innovation and Competition Act, which passed with bipartisan support on Tuesday.
The sweeping legislation, dubbed the “China Competitiveness Act” in the US, involves massive state investment in research and technology, as well as regulations to mandate use of US suppliers in infrastructure projects. These are combined with long blacklists of Chinese companies and products.
The centrepiece is a $50 billion (£35.4bn) investment in semiconductor manufacturing, a sector currently dominated by China.
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