Biden Says China Is Going To ‘Eat Our Lunch’ If U.S. Doesn't Speed Up Infrastructure

U.S. President Joe Biden urged lawmakers to fast-track the country's major infrastructure projects, warning that China is getting the upper hand on transportation and infrastructure, Fox Business reported on Friday. 

"If we don't get moving, they're going to eat our lunch," Biden said during a meeting Thursday with four senators and members of the Environment and Public Works panel.

Biden spoke with Chinese President Xi Jinping on Wednesday night in a call that lasted two hours. According to Biden, China has major new projects on rail, adding that the country is also making rapid advances on electric vehicle technology.

Speaking for the first time since Biden took office, the two leaders discussed a host of issues, including trade, security and human rights, the White House said.

In a statement Wednesday night, Biden "shared his greetings and well wishes with the Chinese people on the occasion of Lunar New Year," Psaki said.

The phone call with the Chinese president came as the Biden administration works to address human rights issues and mend trade ties with the world's second-biggest economy.

China is pouring billions of dollars in dealing with a broad range of issues in relation to the environment and transportation Biden said, telling lawmakers that "we just have to step up."

White House Press Secretary Jen Psaki did not say how much Biden is considering spending on an infrastructure package, adding the president is fully aware of the competitive threat being posed by China.

"I think the president's view is that we are in a competition with China and he's clear-eyed about the depth of that challenge," the Journal quoted the official as saying.

Infrastructure-related stocks have advanced this year. United Rentals rallied almost 20% through Wednesday, Martin Marietta Materials soared 11% while rival Vulcan Materials rose almost 7.5%, according to Bloomberg.