G7 adopts infrastructure plan to rival China | The Daily Update
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G7 adopts infrastructure plan to rival China
G7 leaders seeking to rival China have adopted a plan to support lower- and middle-income companies in building better infrastructure. President Joe Biden said he wanted the US-backed (B3W) Build Back Better World plan to be a higher-quality alternative to a similar Chinese programme.
China's Belt and Road Initiative (BRI) has helped finance trains, roads, and ports in many countries. But it has been criticised for saddling some with debt.
In a statement at their summit in the English county of Cornwall, the G7 leaders said they would offer a "values-driven, high-standard and transparent" partnership.
It is not yet clear how the G7 plan will be financed. The US has been particularly critical of China's so-called "debt diplomacy".
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