The US State Department proposed a $4 billion package to compete with China 0
(Dan Tri) – The US must use `all available tools` to compete with China, a US State Department official declared, in the context of the Biden administration’s budget proposal for the fiscal year.
The US is increasing competition with China (Illustration: Reuters)
Mr. Richard Verma, US Deputy Secretary of State for Management and Natural Resources, said the mandatory budget proposal is worth 4 billion USD, lasting for 5 years.
Of which, $2 billion is used to build an international infrastructure fund to compete with China’s current funding source.
In addition, the US State Department also proposed another $4 billion in discretionary funding to pay for foreign assistance and diplomatic cooperation in the region.
US funding for developing countries has long been dominated by China’s Belt and Road Initiative – an ambitious project connecting Asia, Africa and Europe through
Last year’s financial report showed that the East Asian powerhouse poured into developing countries a lot of grants worth up to 1.34 trillion in the 20 years from 2000 to 2021.
Mr. Verma affirmed: `The US must use all available tools to compete with China whenever possible.`
The above budget proposal, if approved, will help the US `strengthen its internal strength, connect allies for common interests and the goal of containing China, and exploiting advantages in competition with China.`
`The budget also supports groundbreaking, quality and sustainable hard infrastructure transformation projects,` he added.
Last year, at the G20 Summit in India, US President Joe Biden and Indian Prime Minister Narendra Modi co-chaired a conference with G20 leaders to boost investment in infrastructure projects.
The above initiative comes from a commitment among G7 leaders in 2022 to provide $600 billion in funding for the construction of necessary infrastructure in developing countries.
With abundant financial resources, China has successfully attracted the support of many developing countries.
Details of the State Department’s budget request come as President Biden outlines his policy vision for America, with a budget proposal of $7.3 trillion.
In a speech in Washington on Monday before the proposals were announced, Mr. Biden praised the US economy for its spectacular revival.
Although many policies in the budget proposal receive support from Democrats, they face strong opposition from Republicans as well as moderate Democrats and independents in Congress, showing that
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