President Biden and other G7 leaders announced on Sunday a plan to raise $600 billion in public and private funds for global infrastructure projects to counter China’s Belt and Road Initiative.
Biden said that the US will contribute $200 billion to the project, known as the Partnership for Global Infrastructure and Investment (PGII). “I’m proud to announce the United States will mobilize $200 billion in public and private capital over the next five years,” he said from Germany.
The US views China’s Belt and Road Initiative as a threat to its influence around the globe and has been discouraging countries from participating in the project in recent years. Biden said the PGII will give countries the opportunity to “see for themselves the concrete benefits of partnering with democracies.”
The PGII will invest money into four major categories: health security, communications technology, clean energy, and gender equality. Biden mentioned several projects already underway, including a $2 billion solar panel development project in Angola.
China responded to the G7 initiative on Monday by accusing the G7 of using it to “smear” China’s Belt and Road Initiative. “China always welcomes all initiatives to promote the construction of global infrastructure. We don’t think there is such an issue of similar initiatives replacing each other,” said Chinese Foreign Ministry spokesman Zhao Lijian.
“But we oppose the promotion of geopolitical calculations under the banner of infrastructure construction and words and deeds that try to smear and slander the Belt and Road Initiative,” Zhao added.
The PGII is just one step the US and its Western partners are taking against China during President Biden’s tour in Europe this week. At the NATO summit that will be held in Madrid, the alliance is expected to unveil its new Strategic Concept document that will name China as a concern for the first time. The US expects the document will use “strong” language against Beijing.
Well the good news is small countries now have their choice of debt-traps. See competition benefits everyone
This actually means US/NATO plan to compete with each other for shipping Chinese production to tv bound military empire couch warriors.
Screw this. We already got enough debt. Let’s just get some Belt and Road money ourselves.
“The PGII will invest money into four major categories: health security, communications technology, clean energy, and gender equality.”
I’m sure there are so many countries are desperate for what the G7 would send :vaccines, iphones, wind farms and more genders. China is only offering transportation hubs and industrial development.
Biden said that the US will contribute $200 billion to the project, known as the Partnership for Global Infrastructure and Investment (PGII). “I’m proud to announce the United States will mobilize $200 billion in public and private capital over the next five years,” he said from Germany.
That comes to $40 billion a year. Does that number sound familiar? Priorities.
These idiots are wasting their time and money…!
Just what exactly is “strong language”?… Is it threatening or name calling?…
They need to come up with something that is as catchy as “The Belt and Road”…
“The Ass Kickers” would be a good place to start…
Except the Chinese will be the Ass Kickers, Donna 😉
The Global South should play one off against the other. Lure the Americans
and Chinese into a bidding war and then take the best offer.
Myself, I would take the Chinese best offer not that I particularly trust the
Chinese more than Americans but they just seem more competent and capable these days.