Of course I am not sure that plan will actually plan the Congress as it is (expect some bribes to be hidden inside).
However I wouldn't say I am too worried for China as it is contantly makes progress on R&D and competitivenesss. The only issue is that Biden could manage to make the US comlettive again (depends on many variables)
America's decline in competitiveness is due, one, to China's meteoric rise, so in comparison, they are not the only show in town anymore, but also because of its cultural decay. Americans prefer to study non-STEM subjects and leave all the scientific heavy-lifting to foreigners (except doctors; Americans still like to become MDs for the money) and at the same time, they are driving away foreigners with xenophobia. There is nowhere that is more pronounced and in a group that is more scientifically-talented than in the Chinese that have come to or are considering coming to America. This is not an issue that money can fix.
In any case, I wouldn't count the US out as I think that competition with China might unite Democrats and Republicans temporarily.
They've always been "united on China" but biting at each other's necks at everything else. The latter part causes internal friction and makes America less smooth-operating and less competitive.
I would say though that if this plan doesn't pass then that means that US has conceded on competiting with China
It really might not pass because of the corporate taxes part but even if it doesn't, they're not conceding. They will find another way to flail and to make themselves look credible to the countries that America calls its allies.
Interesting times, we will see which country's political system produces better results..
I think with COVID and the election riots, we already see, that America's system only works when everything is smooth but not so well in panic-inducing back-to-the-wall challenges. It's just whether or not China can catch up or how long it takes to catch up overcoming America's decades-long lead with China's superior system, which actually holds itself together when the going gets tough.
I don't wanna get too childish here but it reminds me of the Pokemon games I played as a kid. Some attacks are awesome to use as openers and as long as the battle goes smoothly and you get to one-shot all your challengers, they are killer. But once your Pokemon starts taking damage and the battle becomes a real fight, they weaken, eventually becoming not worth using. If you use this strategy, you need to finish the fight quickly or everything will fall apart and you will lose. Players who excel at beating the computer (made to challenge small kids who aren't very smart) use this strategy to steamroll weak foes in the game but often find that they are unsuccessful when fighting peer-leveled gamers if they up Gameboys for a battle against a friend. The opposite strategy uses attacks that start with a modest base but as the battle rages on and your Pokemon take hits, the power increases every turn getting more and more vicious until you are one-shotting all the guys on the other team. Players who use this strategy will work a bit more in the game, but they can win real battles against other players. This battle between China and the US will undoubtedly get more and more heated.
