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       Sen. Todd Young announces new bill to support small, medium businesses post-pandemic Indiana Republican Sen. Todd Young joins ‘Fox Report Weekend.’

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       A senator from Indiana said that Chinese President Xi Jinping is afraid of his new bill that would invest in U.S. technologies, citing Xi's fear as the reason China is lobbying against it.

       Sen. Todd Young, R-Ind., torched Xi as being "scared" of his new bill in a Monday press release, saying Xi’s fear is the reason behind reports of the Chinese Communist Party (CCP) "pressuring American business leaders to oppose" the United States Innovation and Competition Act.

       The report also said that China threatened the market shares of companies if they didn’t sink Young’s bill.

       BIDEN PREPARES TO MEET WITH XI JINPING AMID ‘CONCERNS’ OVER CHINA’S ACTIONS

       Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, addresses a central conference on work related to people's congresses, held from Oct. 13 to Oct. 14 in Beijing, capital of China. (Wang Ye/Xinhua via Getty Images)

       "Xi Jinping does not want this bill to become law," Young said in his press release. "He is scared — rightfully so — that the U.S. will once again surge ahead when USICA becomes law."

       "The Chinese Communist Party knows that when we invest in American ingenuity, there is no nation in the world that can out-innovate the United States," he continued.

       Reuters reported that China has been putting pressure on American business leaders to oppose bills relating to the country.

       President Joe Biden delivers remarks on the debt ceiling during an event in the State Dining Room of the White House, Monday, Oct. 4, 2021, in Washington. (AP Photo/Evan Vucci)

       Young’s bill passed the Senate in June with a 68-32 margin.

       According to the release, Young’s bill — also called the Endless Frontier Act — would "invest $29 billion over the next five years through the National Science Foundation in emerging technologies such as artificial intelligence, quantum computing, and more."

       Additionally, the bill "includes critical funding for the CHIPS Act to address the worsening semiconductor shortage."

       GEN KEANE URGES BIDEN TO SEND MESSAGE TO CHINA THAT THEIR AGGRESSION WILL BE CONFRONTED, COUNTERED

       Ahead of Biden's virtual summit with Xi Jinping Monday night, Young released a statement to Fox News slamming the Biden administration for "too much collaboration, and not enough competition" with China.

       "From President Biden’s inattentiveness to defense spending while China tests hypersonic missiles to using valuable diplomatic energy pursuing their climate agenda at the expense of American workers and consumers, the Biden Administration has let Democratic rhetoric prevail in the face of Chinese aggression," Young said.

       "Tonight is an opportunity for President Biden to turn the ship around," Young continued. "In their conversation, I hope the President delivers an unequivocal defense of Taiwan and confronts Beijing for pursuing authoritarian aims in the region and around the globe."

       Republican Senatorial Committee Chairman Todd Young (R-IN) speaks to reporters following the Senate Republican policy luncheon which both President Donald Trump and Vice President Mike Pence attended on March 10, 2020 in Washington, DC. (Photo by Samuel Corum/Getty Images)

       Young said in his release that the CCP’s interjection with the bill would only fuel its passage.

       "Absent from these letters are any reasons why USICA will be bad for America — only bad for the Chinese Community Party," Young wrote. "Passage of this bipartisan legislation will create high-paying jobs for Americans, supercharge our nation’s military and technological capabilities, and ensure the Chinese Communist Party’s illiberal sphere of influence does not continue to grow unchecked."

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       President Biden is set to meet with Xi on Monday night during a summit in which Biden said he would not "hold back."

       China’s intrusion into American politics underscores the scuffling the communist country is attempting to influence U.S. policy and position itself ahead in the global market.

       Houston Keene is a reporter for Fox News Digital. You can find him on Twitter at @HoustonKeene.