Biden signs bill to boost U.S. chips, compete China

President Joe Biden signed on Tuesday a bill to provide $52.7 billion in subsidies for U.S. semiconductor production and research, and boost efforts to make the U.S. more competitive with China’s science and technology efforts.

The government commitment to bolstering high-tech industries is already attracting private investors in large-scale, with $50 billion in new semiconductor investment, the White House said.

Biden said in his speech at the White House that the cash injection from the Chips Act will help to win the economic competition in the 21st century.

U.S has always believed in the possibilities that push it forward, pointing out that only 10 percent of electronic chips that produced in the country, he stressed.

The bill has approved in both houses of Congress last month with bipartisan support after months of negotiations.