US-China relations: Joe Biden's embrace of post-pandemic 'industrial policies' shows 'bust of Washington Consensus'

The Biden administration’s US$1.9 trillion coronavirus relief package and other interventionist fiscal measures are a pivot towards China’s economic model and signal a bust of Washington’s long-advocated neoliberal ideology, according to a new report by Renmin University of China. By signing off on the Covid-19 relief package and other initiatives, such as the now-reduced and split US$1.2 trillion infrastructure plan, US President Joe Biden has given de facto endorsement to China’s state-led growth model, the report said. “The US embrace of government interventionism and industrial policies has officially announced the bust of the Washington Consensus,” said the report, which was…