G7 Busy to stop China

G7 Busy to stop China

The G7, an alliance of the world's seven industrialized nations, has announced a global infrastructure plan as an alternative to the country's multilateral trillion-dollar Belt and Road Initiative (BRI) to compete with China.

Al Jazeera reported on Saturday that G7 leaders had promised "collective inspiration" by investing hundreds of billions of dollars in infrastructure for low- and middle-income countries.

The leaders of the seven countries - the United States, Canada, the United Kingdom, Germany, Italy, France, and Japan - gathered at the seaside resort of Carbis Bay in southwestern England.

The leaders said they would propose a ‘value-driven, high-quality and transparent partnership.

The G7's "Build Back Better World" (B3W) project, led by the administration of US President Joe Biden, will be aimed at competing with the Belt and Road initiative. However, the loan scheme for small countries has already been widely criticized.

The White House said in a statement that the initiative aims to "meet the infrastructure needs of more than 40 trillion in the developing world, further exacerbated by the Covid-19 epidemic."

A U.S. administration official said, "It's not just a matter of confronting China or giving it an ace. This is to present a positive alternative to the world. "

German Chancellor Angela Merkel, a major investor in China, also called it necessary and an "important initiative" for Africa.

"We cannot sit idly by and say that China will do it," he said. Most countries in the world are still lagging behind. It's a G7 ambition to have positive initiatives ... I welcome that. "

In 2013, Chinese President Xi Jinping announced a multibillion-dollar Belt and Road Initiative (BRI). It is a development and investment initiative that extends beyond Asia and beyond Europe.

Under the BRI project, China will assist in the development of railways, ports, highways, and other infrastructure in various countries. More than 100 countries around the world have signed the aid project with China.

However, critics say the BRI project is in fact a modern version of China's ancient Silk Road trade route project. It is also referred to by many as the 'New Silk Road'.