LONDON – The Group of Seven 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.
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.
United States 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.
The G7 and its allies will use the B3W initiative to mobilize private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality, the White House added.(Reuters)
