G7 Countries to Counter China’s BRI with US$40-trillion Build Back Better World Initiative

• 14 June 2021
• Construction Focus
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The United States and other members of the G7 have revealed their plan to counter China’s BRI by offering developing countries transparent infrastructure plans otherwise known as the US$40-trillion Build Back Better World (B3W) initiative, reported Reuters.

The 7 nations discussed this matter during their meeting in England last week, where one agenda item was to search for a coherent response to the surge in China’s economic and military influence over the past 40 years.

A senior official in the Biden Administration said that the B3W is not just about confronting or taking on China, but it is also a way of offering a positive alternative that reflects G7’s values, standards and way of doing business.

According to the meeting, the B3W initiative will be used to mobilise private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality.

However, a clear plan on the project would work or how much capital it would ultimately allocate, has yet to be discussed.

Launched in 2013, China’s Belt and Road Initiative (BRI) has to date funded a huge number of developments across Asia to Europe and beyond. More than 100 countries have signed agreements with China to build projects such as railways, ports, highways, and other infrastructure.

However, critics have said BRI is a vehicle for the expansion of Communist China.

Photo credit to reuters

• Policy and Strategy