Biden sells infrastructure improvements as a way to counter China

“I really believe that 50 years from now,” he said, “historians are going to look back at that moment and say, ‘This is when America star...

“I really believe that 50 years from now,” he said, “historians are going to look back at that moment and say, ‘This is when America started to win the competition of the 21st century. “”

Brian Deese, director of Mr. Biden’s National Economic Council, said in an interview that the law will increase competitiveness and productivity through a variety of spending programs.

“This bill will be a game-changer for making Americans work,” Deese said.

He added that this would allow people to access economic opportunities through better public transport, roads and bridges, and provide high-speed internet, which he called “the lifeblood of the world.” 21st century economy “.

China’s large investments in its own infrastructure and threat to US dominance in new and long-standing global industries dominated the congressional negotiations that produced the law. Democratic and Republican lawmakers are tuned in to Chinese spending more than ever, thanks to Mr. Biden and President Donald J. Trump, both of whom put competition with China at the center of their presidential campaigns last year. .

Just 40 years ago, government investments in advanced infrastructure and industries were essential to China’s economic transformation into a country of skyscrapers and high-speed trains. Partly because of large government subsidies, the country manufactures more than half of the world’s steel and cement, most solar panels, and a growing share of electric vehicles.

China is spending more than 5 percent of its gross domestic product on infrastructure, far more than most developed countries and several times the proportion in the United States, where federal infrastructure spending is set to reach around 1.2% of gross domestic product in the coming years, according to the Metropolitan Policy Program at the Brookings Institution.

U.S. officials have also accused China of seeking benefits through more nefarious means. Mr. Biden expressed his concerns about China’s “unfair trade and economic policies” in his virtual meeting with Xi on Monday, according to a reading of the White House call. Mr. Biden chose to maintain the tariffs that Mr. Trump has imposed on China as retaliation for what its officials accused were intellectual property violations and other unfair business behavior.

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Newsrust - US Top News: Biden sells infrastructure improvements as a way to counter China
Biden sells infrastructure improvements as a way to counter China
Newsrust - US Top News
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