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1/21, 5:35 PM (Source: TeleTrader)
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China doing everything to take over global market - Biden

United States President Joe Biden claimed on Friday that "China is doing everything it can to take over the global market," especially when it comes to semiconductors.

He added that Intel Corporation's $20 billion investment in chip plants in Ohio is "historic" and one of the largest such investments in US history. Despite leading the global investments into technological research and development in the past, the US is now ninth, while China climbed from eighth to second place in the world, Biden stressed.

Biden also asserted that he told his Chinese counterpart Xi Jinping recently that Washington and Beijing don't need "confrontation," but "a stiff economic and technological competition."

Baha Breaking the News (BBN) / MS