President Joe Biden has billed the $1 trillion infrastructure investment package under consideration in the Senate as critical to keeping the U.S. ahead of China. In February, he told senators that Beijing’s infrastructure investments were far outpacing Washington’s, and warned that without similar investment , “[China is] going to eat our lunch.” He’d better guard that proverbial midday meal closely, because Chinese leader Xi Jinping is already digging in. Biden’s signature effort, the bipartisan infrastructure deal the Senate will likely approve this weekend, includes $550 billion in new funding for roads, bridges, railways, broadband and electrical vehicle technology, among other...