Strategic Competition Act of 2021 This bill addresses various foreign relations issues, with a focus on China. Among other things, the bill requires the U.S. Agency for Global Media to take certain actions to support independent journalism and combat censorship in countries where the Chinese Communist Party or other entities are promoting disinformation; requires the Department of State to establish programs to engage partner countries on issues such as regulatory harmonization and technology partnerships; prohibits any individual who has served as Secretary of State or Deputy Secretary of State from representing a foreign government entity before the executive branch; requires the State Department to develop and implement a plan for increasing the U.S. presence in the Indo-Pacific region; authorizes various foreign military financing and diplomatic activities in Southeast Asia and the Indo-Pacific region; prioritizes the transfer of excess defense articles to Taiwan, Thailand, Indonesia, Vietnam, and Malaysia; prohibits a country from receiving certain U.S. assistance if that country hosts a Chinese military installation within its territory, with some exceptions; authorizes the U.S. representative to the Inter-American Development Bank to vote for an increase in the bank's capital stock; requires strategies to engage with other countries on issues such as managing relations with China; authorizes military training assistance activities in Latin America and the Caribbean; establishes an interagency working group to counter Chinese cyber aggression in Africa; authorizes activities to promote democracy in Hong Kong; and imposes sanctions on foreign individuals and entities responsible for certain abuses (e.g., forced labor and coercive abortions) in China's Xinjiang region.