Beijing on Wednesday accused Washington of 'paranoid delusion' after the US Senate passed a sweeping industrial policy bill aimed at countering the surging economic threat from China.
Beijing on Wednesday accused Washington of "paranoid delusion" after the US Senate passed a sweeping industrial policy bill aimed at countering the surging economic threat from China.
The bill is seen as crucial for US efforts to avoid being out-manoeuvered by Beijing as the adversaries compete in the race for technological innovation. The package, a key provision of which addresses a shortage of semiconductors that has slowed US auto production this year, will help US industry bolster its capacity and improve technology."Today, the Senate took a critical bipartisan step forward to make the investments we need to continue America's legacy as a global leader in innovation," US Commerce Secretary Gina Raimondo said in a statement praising the passage of the bill.
The proposal aims to address a number of technological areas in which the United States has fallen behind its Chinese competitors.
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