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Biden's FY25 Budget Includes New Funds To 'Outcompete' China

US-CHINA

US Deputy Secretary of State for Management and Resources, Richard Verma, has told reporters that the US must employ, "all the tools at our disposal to outcompete China wherever possible."

  • Verma says that President Biden's FY25 budget request, unveiled today, will allow the US to "continue to invest in the foundations of our strength at home, align with likeminded partners to strengthen our shared interests and address the challenges posed by the PRC, and harness those assets to compete with the PRC and defend those interests."
  • Verma says a USD$4 billion request for the Department represents "our ironclad commitment to advancing an affirmative vision of US values," for the Indo Pacific region.
  • Verma: "It is imperative to our national security that we also have mandatory, reliable, funding to outcompete China and that is why the request also includes USD$4b over five years in mandatory funding to enable the US to invest in new ways to outcompete China and focus on new and critical investments split in two important funds."
  • Verma: "We are requesting USD$2b to create a new international infrastructure fund which will outcompete China by providing a credible, reliable, alternative to PRC options while also expanding markets and opportunities for US businesses."
  • Verma: "Additionally we are seeking USD$2b to make game-changing investments in the Indo-Pacific to strengthen partner economies..."

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