Wednesday Dec 25, 2024
Wednesday Dec 25, 2024
Monday, 14 June 2021 00:17 - - {{hitsCtrl.values.hits}}
Reuters: The Group of Seven (G7) richest democracies sought on Saturday to counter China’s growing influence by offering developing nations an infrastructure plan that could rival President Xi Jinping’s multi-trillion-dollar Belt and Road Initiative (BRI).
The G7, whose leaders are meeting in southwestern England, has been searching for a coherent response to the growing assertiveness of Xi after China’s surging economic and military rise over the past 40 years.
US President Joe Biden and other G7 leaders hope their plan, known as the ‘Build Back Better World’ (B3W) initiative, will provide a transparent infrastructure partnership to help narrow the $ 40 trillion needed by developing nations by 2035, the White House said.
“This is not just about confronting or taking on China,” a senior official in Biden’s administration said. “But until now, we haven’t offered a positive alternative that reflects our values, our standards and our way of doing business.”
The United States later said there was a G7 consensus on the need for a shared approach to China on trade and human rights.
The G7 and its allies will use the B3W initiative to mobilise private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality, the White House added.
It was not immediately clear how exactly the plan would work or how much capital it would ultimately allocate.
China’s BRI scheme, which Xi launched in 2013, involves development and investment initiatives that would stretch from Asia to Europe and beyond.
More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure.
