Economy

Former Treasury secretary on Biden’s economic plans, U.S.-China competition

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President Joe Biden’s plans to bolster the U.S. economy will help the country compete with China’s massive Belt and Road Initiative, former Treasury Secretary Jacob Lew said on Wednesday.

The Belt and Road Initiative is China’s ambitious program to build physical and digital infrastructure that connects hundreds of countries from Asia to the Middle East, Africa and Europe. Many critics consider it Chinese President Xi Jinping’s signature foreign policy to expand his country’s global influence.

Lew, who was Treasury secretary from 2013 to 2017 under former President Barack Obama, pointed out that China’s Belt and Road Initiative has gained traction in the last few years. At the same…



Source cnbc.com

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