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G7 bigger spending on infrastructure plan to counter China

To counter China’s Belt and Road Initiative (BRI) G7 leaders have come up with Build Back Better World (B3W) plan. This will help G7 countries to challenge and reduce the influence of China across the world. Build Back Better World (B3W) will help many lower and middle-income countries in building better infrastructure. In a statement, G7 leaders said they would offer a “values-driven, high-standard and transparent partnership.” German Chancellor Angela Merkel said the group was not yet at a stage to release financing for its initiative.

China’s Belt and Road Initiative (BRI) has financed trains, roads, and ports in many underdeveloped and developing countries. This plan has been majorly used by China to create its influence and make those countries depend on China. China has signed agreements with more than 100 countries to cooperate in BRI projects like railways, ports, highways, and other infrastructure. According to experts in the future, China may utilize these countries land if any war-like situation arises against them.

With the new plan of Build Back Better World (B3W) it very clear that G7 countries want to counter and growth of China in as many possible ways. This initiative will mobilize private-sector capital in areas such as climate, health, and health security, digital technology, and gender equity and equality. White House said that they will provide $40 trillion needed by developing nations 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.”

Earlier this year western countries put many sanctions on China. The sanctions included travel bans and asset freezes, and a ban on senior officials who were being accused of serious human rights violations. New announcements by G7 countries have made China furious and can be seen by their statements. China said that the days when a “small” group of countries decided the fate of the world were long gone.

G7 countries like the United States, Canada, Britain, Germany, Italy, France, and Japan, want to challenge the powerful image and position created by China in recent years. After the 1979 opening of the economy for foreign direct investment, China became the world’s second-largest economy. China has a dream to become a superpower of the world and take the position of the USA as a global leader. However new initiatives taken by the G7 will counter all the plans of CHINA and reduce its influence.

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Anirudha Yerunkar

Global Business Line Team
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