Pelosi hopes U.S. Congress can pass China competition bill by July 4

U.S. House of Representatives Speaker Nancy Pelosi said on Thursday she hoped the Congress can pass the legislation authorizing hundreds of billions of dollars to boost the country's ability to compete with Chinese technology, by July 4.

Congress has been working on China competition legislation for more than a year.

The legislation called the COMPETES Act authorizes almost $300 billion for research and development, including $52 billion to subsidize semiconductor manufacturing and research.