July 31, 2021

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G7 builds infrastructure plan to compete with China | The world

The G7, the group of seven richest democracies in the world, sought to curb its growing influence this Saturday (12). China, Provides developing countries with an infrastructure plan to counter President Xi Jinping’s initiative.

The G7, where its leaders meet in the southwest UK, seeks a general response to China’s growing offensive, which has been growing economically and militarily for the past 40 years.

Chairman United States, Joe Biden, And other G7 leaders, the White House has said will provide infrastructure partnerships to help reduce the $ 40 trillion needed by developing countries by 2035.

“It’s not just about confronting or confronting China,” said a senior Biden government official. “But so far we have not provided a positive alternative that reflects our values, our standards and the way we do business.”

The White House added that the G7 and its allies will use the effort to raise private sector capital in areas such as climate, health and health care, digital technology and gender equality and equality.

It is not immediately clear how well the project will work or how much capital will eventually be allocated.

China’s plan, launched in 2013, includes expanding investment and growth efforts from Asia to Europe and beyond. More than 100 countries have signed agreements with China to cooperate on projects such as railways, ports, highways and other infrastructure.

G7 leaders – USA, Canada, Great Britain, Germany, Italy, France and Japan – want to use their meeting at Corbis Bay Spa Show that rich democracies can replace China’s growing influence.

China’s emergence as a global power is considered one of the most relevant geopolitical events in recent times since the collapse of the Soviet Union in 1991, when the Cold War ended.

China had a smaller economy than Italy in 1979, but since opening up foreign investment and introducing market reforms, it has become the world’s second largest economy and a global leader in a range of new technologies.

The White House has said the United States will act in addition to existing development funding as part of the G7’s plan to “collectively encourage hundreds of billions of dollars in infrastructure investment.”