G7 launches alternative to China’s new Silk Road | News

The group of seven richest industrial democracies wants to invest $600 billion in a global infrastructure plan. The White House announced this on Sunday. The project should be able to compete with China’s new Silk Road, with which Beijing has opened trade routes to Europe, Africa, Latin America and Asia since 2013.

American plan

The infrastructure plan comes from the US fund and was already announced last year, but was only officially launched on Sunday on the first day of the three-day G7 summit in the Bavarian Alps. The White House has announced that the G7 countries will release $600 billion in exchange for it between now and 2027. US President Joe Biden said that the money will be directed toward global investments in infrastructure “that improve the lives of people around the world, and strengthen private supply chains.” diversify us, create new opportunities for American workers and entrepreneurs, and enhance our national security.”

mockery of china

According to a US official, the initiative primarily targets low- and middle-income countries that need vital infrastructure investments “without dictating it from the outside.” He said, mocking China’s New Silk Road, that the goal is to ensure that the benefits of investments reach people and do not cause a debt trap. Beijing has invested billions of dollars in recent years in many African countries, among others, but it is creating a relationship based on debt and dependency.

In addition to the Russian invasion of Ukraine, China is an important item on the agenda of the G7 summit in Bavaria. Last month, US Secretary of State Anthony Blinken described the country as the greatest long-term challenge to the international system. In addition to the United States, the United Kingdom, France, Germany, Italy, Canada and Japan are also members of the G7. The European Union is also on the table. The summit continues in Schloss Elmau, more than 100 kilometers from Munich, until Tuesday.

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US President Joe Biden. (AP Photo/Susan Walsh) © AP

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Denton Watson

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