G7 nations' 'Build Back Better World' plan against China's' Belt and Road '

London, 17th

The seven richest democracies in the world have united against China's growing dominance in the world and are going to deal a big blow to China. The G7 countries have expressed their intention to break China's belt and road initiative through a major global infrastructure plan. At a time when China is trapping its loans to poor and small countries by dreaming of development through BRI, the G7 countries want to help developing countries through global infrastructure as well as hit Xi Jinping's dream project.

The G7 leaders are meeting in south-west England and are also discussing strategic competition with Beijing. US President Joe Biden and other G7 leaders want to crack down on China's BRI project through the Build Back World (BW) initiative. The White House has said that this transparent infrastructure project will cost an estimated 3 trillion.

"This is not just to compete with China or to stop it, but so far we have not provided positive options that reflect our values ​​and standards of doing business," said a senior Biden official. The White House says the G7 and its allies will use the initiative to attract private investment in areas such as the environment, health, digital technology and gender equality.

It is not yet clear how this plan will actually work and how much funding will be allocated for it. Chinese President Xi Jinping launched the Belt and Road Initiative in 2013 to increase economic and political influence in the world. Under the plan, which includes development and investment initiatives, Jinping plans to build a network to Asia, Africa, Latin America and Europe. China has signed agreements with more than 100 countries to develop projects such as railways, ports and highways in various countries under the scheme. However, China has been accused of exploiting small and developing countries by burdening them with debt as part of a multi-million dollar project. China has denied such allegations. But China has recently seized control of a port in Sri Lanka that has been squeezed under its debt. The White House said the G7 initiative would meet the needs of more than લાખ 3 trillion in developing countries' infrastructure. B2W is an important infrastructure investment plan for low- and middle-income countries in the coming years.