(March 26): President Joe Biden on Thursday promised to outspend China on innovation and infrastructure to prevent it from overtaking the U.S. to become the world’s most powerful country. “I see stiff competition with China,” Biden said at the White House. “They have an overall goal to become the leading country in the world, the wealthiest country in the world and the most powerful country in the world. So far, the Biden team is maintaining the same tough line that Trump took on Beijing’s economic and human rights practices. The Biden administration in concert with European partners this week announced sanctions on Chinese officials for alleged human rights violations against the Uyghur Muslim minority.

Source: The Edge Markets March 26, 2021 09:45 UTC