The Group of Seven richest democracies held a meeting on Saturday to discuss measures aimed at curtailing China’s booming influence. One of the key conclusions reached involves providing alternative infrastructure plans to developing nations, particularly to compete with China’s Belt and Road initiative.
Leaders and members of the cluster, who met in southwestern England, have sought a way to achieve a unified front in response to the move by Xi Jinping led China to expand its influence within the economy of developing countries.
The nation’s “assertiveness” has become a prevalent concern since China began experiencing a boom in its economic and military capabilities over the last four decades.
The President of the United States, Joe Biden, alongside other G7 leaders believe that their initiative, tagged “the Build Back Better World (B3W) initiative”, will offer a more transparent and fair alliance to help offset a significant part of the $40 trillion required by developing countries by 2035.
“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.”
This is not just about confronting or taking on China but until now we haven’t offered a positive alternative that reflects our values, our standards, and our way of doing business.
The G7, in cooperation with its allies, hopes to use the B3W initiative to facilitate the amassment and disbursement of private-sector funding which will be applied to sectors such as climate, health and security, technology, and gender issues.
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