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U.S. Senate to draft new legislation to counter China

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U.S. Senate Majority Leader Chuck Schumer (D-NY) listens to fellow Democrats speak to reporters at the Capitol in Washington, U.S., May 2, 2023. REUTERS/Kevin Lamarque

U.S. Senate Majority Leader Chuck Schumer on Wednesday is announcing a new effort to draft bipartisan legislation to address concerns about China including taking steps to limit the flow of advanced technology to China, aides said.

The legislation will also aim to deter China from initiating a conflict with Taiwan or other U.S. allies in the region codifying an outbound investment screen to block U.S. capital from going to Chinese companies.

The effort is dubbed the China Competition Bill 2.0 and follows an effort last year when President Joe Biden signed legislation authorizing more than $170 billion over five years to boost U.S. scientific research to better compete with China and $52 billion in new subsidies for semiconductor manufacturing and research.

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