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Bad News For Copper

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China will win competition with the U.S. across wide-ranging industries by consolidating and further developing its economy, and Joe Biden's policies to revive U.S. manufacturing is unlikely to succeed, Ding Gang, a senior editor at the People's Daily, wrote in a commentary in the Global Times. The current China-U.S. relationship resulted from U.S. deindustrialization and China's rising manufacturing, and the U.S. economy's "virtualization" has deepened, making Biden's goal of boosting U.S. infrastructure and manufacturing more distant, wrote Ding, who is also a senior fellow at the Renmin University. The retreat of industries aided by the growing status of reserve currency will destabilize the foundation of empires, Ding wrote.