CHINAMacroReporter

'What Joe Biden Said About China in His First Speech to Joint Session of Congress'

“We’re in competition with China and other countries to win the 21st Century.”
by

|

Bloomberg

April 29, 2021
'What Joe Biden Said About China in His First Speech to Joint Session of Congress'
BIG IDEA | “We’re in competition with China and other countries to win the 21st Century.”

‘President Joe Biden spent most of his speech to Congress Wednesday focused on America’s domestic priorities, from taxes to health care.’

  • ‘But sprinkled throughout were references to China, underscoring just how much he’s focused on the world’s second-biggest economy.’
  • ' "China and other countries are closing in fast." he said.  

‘ “We’re in competition with China and other countries to win the 21st Century,” Biden said.’

  • ‘President Xi Jinping, Biden added, is “deadly earnest” about China “becoming the most significant, consequential nation in the world.” ’

‘Biden reiterated previous comments that he believes the U.S. and China can find areas of cooperation -- he cited countering climate change as an example -- and that conflict isn’t inevitable.’

‘But he vowed that the U.S. will stand its ground when it thinks U.S. or global interests are at stake.’

  • ‘ “In my discussion with President Xi, I told him that we welcome the competition – and that we are not looking for conflict."’
  • ‘ “But I made absolutely clear that I will defend American interests across the board.” ’
  • ‘ “America will stand up to unfair trade practices that undercut American workers and industries, like subsidies for state-owned enterprises and the theft of American technologies and intellectual property.” ’
  • ‘ “I also told President Xi that we will maintain a strong military presence in the Indo—Pacific just as we do with NATO in Europe – not to start a conflict - but to prevent one.” ’
  • ‘ “And, I told him what I’ve said to many world leaders – that America won’t back away from our commitment to human rights and fundamental freedoms and to our alliances.” ’
  • ‘ “No responsible American president can remain silent when basic human rights are violated.” ’
  • ‘ “A president has to represent the essence of our country.  
  • ‘ “America is an idea – unique in the world.” ’

‘But the comments on China focused largely on economic competition.’

  • ‘Biden said China and other nations “are closing in fast” on the U.S. now that America spends only 1% of gross domestic product on research and development.’
  • ‘And he insisted that China must “play by the same rules” as other major economies, a reference he indicated extends to everything from trade to currency, industrial policy and the investment needed to combat climate change.’

NYT. ‘When Mr. Biden said “there is simply no reason why the blades for wind turbines can’t be built in Pittsburgh instead of Beijing. No reason, none,” he sounded a lot like George W. Bush 20 years ago, with echoes of Donald J. Trump.’

  • ‘When he added that there was “no reason why American workers can’t lead the world in the production of electric vehicles and batteries,” he was combining two of his signature arguments: that the United States has the capability to outpace China, and his assertion that a green agenda produces jobs.’

More

CHINAMacroReporter

April 17, 2022
Is China's Tech 'Crackdown' Really Over?
Today, I’m sharing with you a bit of Ms. Schaefer’s analysis of the tech ‘crackdown’ (but not of the AI and algorithm law). She explains why...
keep reading
April 17, 2022
China: 'Sleep Walking into Sanctions?'
A looming risk is Russia-like sanctions on China. The sanctions on Russia are causing plenty of disruptions. But those disruptions would be nothing compared to the catastrophe of Russia-like sanctions on China. The good news is that if China does violate the sanctions, the violations would likely be narrow and specific - even unintentional. So secondary sanctions - if they come at all - likely won't hit China’s economy and financial system deeply – or (fingers crossed) U.S.-China relations.
keep reading
April 5, 2022
Russian Sanctions' Impact on China
In the meantime, some contend, China has a payment system, the Cross-Border Interbank Payment System or CIPS, that could make it independent of SWIFT.
keep reading
March 9, 2017
So many twists and turns to the China Housing markets story
[CHINADebate Presentation] One of the highlights in our recent 'In Pursuit of Patterns' series of client notes, showed that the land sales growth had tended to lead the price growth and a significant increase in land sales would lead, with a lag, to the subsequent correction in prices.—Almost everyone on the outside seems to have missed the biggest bull market in China housing in 2016, culminating in policy tightening cycle kicking in at the end of the year. But what's next?
keep reading
February 27, 2017
Is The U.S. Ceding Global Leadership To China?
'China isn't positioned to replace the U.S. as a global leader anytime soon.'—Hard on President Trump's 'American First' inaugural address, Xi Jinping gave a rousing paean to globalism at the World Economic Forum. And, immediately the hot question became: 'Is the U.S. ceding global leadership to China?' Yes and no, says Bill Overholt of the Harvard Asia Center. Yes, the U.S. is ceding global leadership. No, China won’t replace the U.S. What will replace the U.S. is ‘G-Zero’, a world with no single global leader. Not China, not the U.S. So, can his critics lay this outcome at President Trump’s feet?
keep reading
February 15, 2017
C-to-C Internet Commerce- From Taobao Shops to Taobao Villages
One is some of the local government-owned SOEs are the sources for overcapacity. The reason is because the local government also wants to ensure there's some degree of employment locally, and perhaps some source of taxation. The Chinese government is now going to need to start the so-called supply-side economics to try to consolidate overcapacity in a number of sectors. It's going to impinge on the interests of many of these local SOEs as well as the local governments who own them.
keep reading
February 15, 2017
How SOEs & Local Governments Create Overcapacity
One is some of the local government-owned SOEs are the sources for overcapacity. The reason is because the local government also wants to ensure there's some degree of employment locally, and perhaps some source of taxation. The Chinese government is now going to need to start the so-called supply-side economics to try to consolidate overcapacity in a number of sectors. It's going to impinge on the interests of many of these local SOEs as well as the local governments who own them.
keep reading
February 15, 2017
Why SOE Reform is So Tough
'...SOEs need to reform, because on one hand, many of them have achieved a lot for China. On the other hand, they've actually created quite a lot of harm, in particular in the areas of overcapacity but also in the areas of corruption we've talked about.'
keep reading
February 2, 2017
AmCham China Chairmen's View From China in D.C. 2017
[AmCham China & CHINADebate U.S.—China Trade/Business Series 2017] Terrific insights from leaders on the ground in China. While in D.C. the Chairmen joined us in a panel discussion and individual interviews about U.S. business in China, U.S.-China relations, trade, and much more. We present their views in a 13 part series. Sheryl WuDunn, business executive, lecturer, best-selling author, and winner of the Pulitzer Prize moderated.
keep reading
February 1, 2017
'Chinese Politics In The Xi Jinping Era'
[Malcolm Riddell Interviewed Cheng Li] 'If you ask any taxi driver in Beijing, Shanghai, or Guangzhou, he or she will tell you – with accuracy – which leader belongs to which faction. : 'China is a one–party state, but that does not necessarily mean Chinese leadership is a monolithic group with leaders who have the same ideas, same background, same world views, same politics. No, they're divided.'
keep reading
December 7, 2016
First 100 Days: Do Not Provoke China
The First 100 Days interview series features Pacific Council experts addressing the top foreign policy issues facing the incoming Trump administration.: Warns of the potential for new conflicts if Donald Trump follows through with his campaign promises regarding China.
keep reading
October 18, 2016
How Alibaba, Xiaomi, & Tencent are Changing the Rules of Business
[An Interview of Ed Tse, the author of 'China's Disruptors: Alibaba, Xiaomi, & Tencent... how innovative 'Disruptor' companies are restructuring China's economy.' ] The real force in Chinese economy is increasingly private companies, not SOEs. / Leading private Chinese companies are innovative and ambitious
keep reading
July 14, 2016
How 'Brexit' Will Impact China's Economy
David Dollar gives you fresh insights to better incorporate Brexit's impact into your analyses of China and global economies & markets, including: 1. Why, after the Brexit vote, did the Shanghai Stock Market fall only 1%? 2. How will Brexit affect the value of the RMB and China's currency policy? 3. How will Brexit impact trade with the EU, China’s largest trading partner? 4. Why, in the larger geopolitical perspective, could China be the big winner from Brexit?
keep reading
July 2, 2016
China housing: boom, bust, or bubble-or...?
100s of Cities Bubble Up & Down As Policy Makers Press the Levers China hasn’t collapsed. And, the bubble hasn’t burst because there may not be just one big real estate bubble. Instead, there are 100s of sizable cities, each moving in its own cycle, each responding to how its local policymakers stimulate & tighten-stimulate & tighten, and each having performance divergent from that of other cities. Watch here to see how city-level markets bubble up and bubble down...
keep reading

Heading

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.