And yes, not basing it on population side means you are screwed if you come from a big country, but at a huge benefit if from a small country.
What the actual system does is make it so you are screwed if you come from a country with a large number of qualified immigrant applocants in a similar category (employment or family) subject to numerical limits. Population is loosely associated with this, but the biggest negative impact by far, on a country level, is to qualified immigrants from Mexico, and specifically to those in limited, family-based categories. India and China have bigger populations, sure, but much smaller total backlogs of qualified applicants.
And I would go one step further and say that it is probably in the best long term interest to the US to have a large population of ethnic Chinese, for the same reason that Israel has benefitted so greatly by the US having a large and influential Jewish population.
I have a very nuanced view on immigration and I tend to be more republican in my views. i.e. Curbing illegal immigration and moving to a merit vs. lottery based system. America is strong through diversity, but it needs to be controlled in an intelligent way.
That doesn't seem to follow, unless you left out a “not” before “in the interest of” or meant “China” the first time you used “US”.
(I'm not endorsing the result of either change as a correct statement, just commenting on the internal coherence of the statement, and particularly the disanalogy between the juxtaposed situations as presented.)
They are limited to 14% of, separately, the limited employment and family-based visa categories, not 10% (the per country limit is 7%) and not of total immigration.