Biden’s economic plans will help the U.S. compete with China - former Treasury secretary

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

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 time, the U.S. under former President Donald Trump retreated from the world stage, he said.

“The challenge we have is to look at our domestic challenges and to look at the places where we are very strong and should be stronger,” Lew told. He added that the U.S. is strong in technology and innovation, education, and remaining open to talent from around the world.

“We then look ahead to the challenges of the future ... we have to engage in the world, we have to engage with other countries, working together. And you can’t say we’re not going to be there and then object when someone else shows up,” said Lew.

Lew’s comments came as Biden has held meetings with Democratic and Republican members of Congress to discuss his proposed $2 trillion infrastructure and economic recovery package.