The White House Pushes For The BIA | The Biden administration is pushing for the passage of the “Bipartisan Innovation Act” (BIA), which merges two bills on enhancing technology advancement by the House and the Senate. The White House emphasized that the BIA would allow injecting $52 billion in new funding to boost the country's semiconductor development. The move is regarded as an attempt to secure chip supply for the U.S. technology industry.
China May Ease Tech Restrictions | Last week, President Xi announced a plan to pursue the “healthy development” of internet platforms, appearing to signal that regulators may ease restrictions to relieve the pressure on the economy brought by the Covid-19 lockdowns. The announcement came after a year-long regulatory campaign on large tech firms in China, which was criticized for muddling the line between the public and private sectors, and negatively impacting the economy.
Beijing Shutdown Begins | Schools, restaurants, gyms, and theme parks closed down during China’s five-day Labor Day holiday. Two weeks into the latest Beijing outbreak, the city has reported 450 cases so far. Meanwhile, restrictions in Shanghai are beginning to lift, and both cities have discussed a plan to implement mandatory covid testing on a regular basis.
