https://www.axios.com/2024/06/04/biden-time-magazine-china-economy
Why it matters: China is one of the main U.S. rivals on the world stage. The two countries' relationship is fraught with geopolitical and economic tensions that could impact the global economy.
Driving the news: Biden said that "everybody talks about ... how strong China is and how powerful they are," but the president offered a bleaker assessment of China's economic future.
- "You've got a population that's considerably older than the vast majority of the youth in Europe, that is too old to work," Biden told Time.
- "Where is it going to grow? You've got an economy that's on the brink there. The idea that their economy is booming? Give me a break," he added.
Zoom in: Biden also cast doubt on the continuing power of China's Belt and Road Initiative, a series of infrastructure projects around the world intended to expand China's global influence.
- Biden said the Belt and Road Initiative had become a "nuisance graveyard initiative" and dismissed the idea that it had been successful in helping China "break through" globally and rival the influence of the U.S. and Russia.
