The Group of Seven richest democracies has sought to counter China’s growing influence by offering developing nations an infrastructure plan that could rival President Xi Jinping’s multi-trillion-dollar Belt and Road Initiative.
The G7, whose leaders are meeting in south-west England, has been searching for a coherent response to the growing assertiveness of Mr Xi after China’s surging economic and military rise over the past 40 years.
US President Joe Biden and other G7 leaders hope their plan, known as the Build Back Better World (B3W) initiative, will provide a transparent infrastructure partnership to help narrow the $US40 trillion ($51.9 trillion) needed by developing nations by 2035, the White House said.
“This is not just about confronting or taking on China,” a senior official in Mr Biden’s administration said. The United States later said there was a G7 consensus on the need for a shared approach to China on trade and human rights.
The G7 and its allies will use the B3W initiative to mobilise private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality, the White House added.
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