The Group of Seven, a group of seven wealthy industrialized nations, supports a new global plan to help poorer nations build different types of infrastructure. According to the White House, this is an attempt to challenge China’s so-called Belt and Road Initiative, which has seen China gain influence in many developing countries and emerging economies since 2013.
The goal is for G7 countries, including the United States, Germany, Japan, and the United Kingdom, and allies to raise funds and find investors for a variety of projects in the areas of climate, health, digital technology, and gender equality.
But it is not yet clear exactly what amounts will be included. A source from Bloomberg News indicated that Germany, for example, is not yet a big supporter of the initiative. This may be because, according to Germany, other similar initiatives already exist. Germany also does not want to talk about the amounts yet.
“This is not just about confronting or confronting China,” a senior US government official said. “But we have not yet offered a positive alternative that reflects our values, our standards and the way we do business.”
For the United States, reining in China, with which there are many conflicts, is a major topic at the G7 summit in Cornwall. It also emerged that Biden asked the other G7 countries to take a stand against forced labor in China. China itself is not a member of the influential country club.