How Does the COMPETES Act Promote Competition with China?

On January 25, the U.S. House of Representative released the America COMPETES Act of 2022. Its drafters described the purpose as to "ensure that America can outcompete any nation in the world, now and for decades to come." Not surprisingly, with China rising quickly in economic size and geopolitical influence, a large portion of the bill focuses on countering China and reshaping U.S. trade and investment relations with China. The China-related provisions are discussed below.