Biden says he expects long-term, stiff competition with China

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President Joe Biden on Friday said the U.S. and its allies must prepare for a “long-term, strategic competition” with China, as he declared that the world was at an inflection point between autocracy and democracy.

“Competition with China is going to be stiff,” Biden told the Munich Security Conference, by video, adding, “that’s what I expect and that’s what I welcome.”

Biden spoke to the conference after attending a virtual meeting of Group of Seven leaders from Canada, France, Germany, Italy, Japan and the United Kingdom, where they discussed the COVID-19 pandemic.  

Biden at the G7 was expected to announce that the U.S. would soon begin releasing $4 billion for an international effort to bolster the purchase and distribution of coronavirus vaccine to poor nations, a program that former President Donald Trump refused to support.

Also see: UN chief joins WHO in slamming rich countries for hogging COVID vaccines

U.S. stocks
DJIA,
+0.30%

were rising modestly Friday, as the market attempted to halt a three-day losing streak for the S&P 500
SPX,
+0.09%

and Nasdaq
COMP,
+0.38%
.

The Associated Press contributed to this article.



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