“I truly believe that in 50 years,” 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 its 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. .
Understanding US-China Relations
A tense time in US-Chinese relations. The two powers are deeply at odds as they vie for influence beyond their own shores, compete in technology, and maneuver for military advantage. Here’s what you need to know about the main fronts in US-China relations:
Just 40 years ago, government investments in advanced infrastructure and industries were critical to China’s economic transformation into a land of skyscrapers and high-speed trains, subsistence agriculture, bicycles and dirt roads. In part 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 spends more than 5% of its gross domestic product on infrastructure, far more than most developed countries and several times the proportion of the United States, where federal infrastructure spending is expected to reach around 1.2% of domestic product. gross in the years to come. , according to the Metropolitan Policy Program of 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” during his virtual meeting with Xi on Monday, according to a reading of the White House call. Mr Biden has chosen to maintain the tariffs Mr Trump has imposed on China in retaliation for what his officials have accused of intellectual property violations and other unfair trade behavior.