G7’s infrastructure plan launched to beat China | Through this, the G7 plans to provide infrastructure investment to poor economies.

G7's infrastructure plan launched to beat China | Through this, the G7 plans to provide infrastructure investment to poor economies.

To counter China’s ambitious Belt Road Initiative (BRI), the G7 countries are coming up with their own infrastructure plans. During the ongoing G7 Summit 2021 in England, seven major economies including the US, Germany launched the Build Back Better World (B3W) initiative. Through this, the G7 plans to provide infrastructure investment to poor economies.

Group of Seven.

To counter China’s ambitious Belt Road Initiative (BRI), the G7 countries are coming up with their own infrastructure plans.

During the ongoing G7 Summit 2021 in England, seven major economies including the US, Germany launched the Build Back Better World (B3W) initiative. Through this, the G7 plans to provide infrastructure investment to poor economies.

China’s ambitious Belt Road Initiative (BRI).

BRI is the most ambitious and important project of Chinese President Xi Jinping’s foreign and economic policy.

Its goal is to strengthen Beijing’s economic leadership by helping to build infrastructure in China’s neighboring regions. BRI is Jinping’s multi-trillion dollar project. 

The G7 and the US in particular have been looking for a BRI cut for the past several years.

In a few years, the economic situation of China has improved a lot and it has emerged as a big economic power.

White House statement regarding this.

The White House said in its statement, “US President Joe Biden and other G7 leaders expect the Build Back Better World (B3W) Initiative to be an opportunity for transparent infrastructure partnerships to support the $40 trillion in aid to developing countries by 2035. “

G7's infrastructure plan launched to beat China | Through this, the G7 plans to provide infrastructure investment to poor economies.
G7’s infrastructure plan launched to beat China | Through this, the G7 plans to provide infrastructure investment to poor economies.

it is not just to beat China.

A Biden administration official told Reuters that it is ‘not just to beat China.’ The US has said that it has been agreed in the G7 that a common attitude is needed on China regarding trade and human rights. 

The G7 will use its initiatives to mobilize private-sector capital in the areas of climate, health, health security, digital technology and gender equality.

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