How will the 'U.S. Innovation and Competition Act' impact its competitiveness with China?

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In a rare show of bipartisanship, the U.S. Senate has just passed the "U.S. Innovation and Competition Act", a $250 billion dollar bill to boost science and technology research, which has been touted as a key bill to better compete with China. Though it still needs approval in the U.S. House of Representatives, if passed the legislation would be the largest investment in scientific research and technological innovation in generations. How will this impact the U.S. tech industry, trade, and competitiveness with China? What are the spillover effects? And how should China be well-prepared?

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Видео How will the 'U.S. Innovation and Competition Act' impact its competitiveness with China? канала CGTN