The Biden administration's top voice on economic policy called this week for a return to policies of greater economic and other engagement with China, despite Beijing's shift from market reforms and rising anti-U.S. sentiment in Beijing.
“It’s important to know this: Pronouncements of U.S. decline have been around for decades. But they have always been proven wrong,” she said.
, analysts note, is facing problems of its own, including a shaky, overborrowed property sector, an aging population, high youth unemployment and weak household consumption. China’s population and workforce are also declining. The U.S. economy remains the world’s largest, and American wealth and technical innovation are unparalleled, Ms.“More than resources or geography, our country’s success can be attributed to our people, values and institutions,” she said. “American democracy, while not perfect, protects the free exchange of ideas and rule of law that is at the bedrock of sustainable growth.”
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