May 3 (Reuters) - U.S. Senate Majority Leader Chuck Schumer said on Wednesday he would launch a new effort to address competition with China, planning a new package of legislation to boost the United States' ability to compete with the Asian powerhouse. The effort, dubbed the China Competition Bill 2.0, follows an effort last year when President Joe Biden signed legislation authorizing more than $170 billion over five years to boost U.S. scientific research to better compete with China and $52 billion in new subsidies for semiconductor manufacturing and research. Schumer is working with Senate committee leaders to draft the legislation over the coming months. He will hold a news conference at 12 p.m. EDT (1600 GMT) to formally announce the effort. Some of the ideas in the new legislation were part of a broader China bill that was scaled back last year and eventually became the law known as the "Chips and Science" act.

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