US President Joe Biden persuaded the leaders of the Group of Seven nations to launch a major infrastructure plan to curb China’s progress at a summit in southwest England today.
The White House announced in a statement that the leaders of the Group of Seven nations today agreed to launch the “Rebuild a Better World” initiative to “respond to the huge needs of middle- and high-income countries.”
The plan will target countries in Latin America, the Caribbean, Africa, and the Indo-Pacific region.
The plan aims to replace the Chinese project “New Silk Road”, which aims to revitalize the so-called Silk Road through the modernization of infrastructure and telecommunications in order to improve the links between Asia and Europe.
The US government stated that its infrastructure initiative is a collaboration between great democracies to develop projects based on “values of high standards and transparency.”
The White House stated that the plan “helps reduce the infrastructure needs of more than $40 billion in developing countries, and the COVID-19 pandemic has made the situation worse”.
The US proposal aims to mobilize private sector capital to promote projects in four areas: climate, health and safety, digital technology and gender equality, in addition to relying on investment from financial institutions.
During the summit of the Group of Seven (Germany, Canada, the United States, France, Italy, Japan, and the United Kingdom) in Cabis Bay, Biden focused his attention on China, which is vying with the United States for world hegemony. Cornwall in southwest England.
Earlier, a senior Washington government official criticized China’s new Silk Road project in a statement to reporters, arguing that the lack of transparency, inadequate labor and environmental standards will make the situation in many countries worse.