Print Magazine
Brussels Morning Newspaper
Wednesday, May 18, 2022
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home World

G7 plans to rival China in building global infrastructure

Ivan Fischer by Ivan Fischer
13 June 2021
in World
G7 plans to rival China in building global infrastructure

G7 summit or meeting concept. Row from flags of members of G7 group of seven and list of countries, 3d illustration

Share on FacebookShare on Twitter

Brussels (Brussels Morning) The G7 group of the world’s richest nations reached a consensus during the weekend summit in the UK on a common approach to China on trade and human rights, drafting a plan to provide a transparent infrastructure partnership for developing nations.

According to White House sources, the so-called Build Back Better World (B3W) initiative will help narrow the 40-trillion dollar gap developing nations will need to fill with infrastructure projects by 2035, which China has aggressively pushed to provide through its Belt-and-Road initiative.

“This is not just about confronting or taking on China”, a senior official in Biden’s administration told Reuters. “But until now we haven’t offered a positive alternative that reflects our values, our standards and our way of doing business”.

Without providing details as to how the plan would work or how much capital it would allocate, the White House noted the G7 and its allies will use the new initiative to mobilise private capital in areas such as climate, health and health security, digital technology and gender equity and equality.

The G7 nations are lagging well behind China in providing infrastructure and financing to the developing world. Beijing already has signed agreements with more than 100 countries to construct Belt and Road infrastructure projects, such as railways, ports, highways and other key infrastructure. The projects are usually constructed by Chinese companies, with loans provided by Chinese banks.

The White House official accused China’s Belt and Road initiative of suffering from “a lack of transparency, poor environmental and labour standards, and coercive approach”, while conceding that the West had so far failed to offer a positive alternative.

Coming out of the G7 summit, US officials also claimed the leaders of other participating countries – the UK, France, Germany, Canada, Italy, Japan, as well as EU representatives –  reportedly reached consensus on the need for a shared approach to the “non-market economic practices” of China, as well as its human rights abuses, and that they had agreed to coordinate on supply-chain resilience.

Latest post

Capaci,,Italy,-3,July,2016,-,The,Memorial,Monument,On

Mafia: from attacks to business

6 hours ago
Athens

What Are 10 Best Budget Hotels In Athens?

6 hours ago

Most Read

  • shutterstock_1821616664

    MEPs send Open Letter urging the Home Secretary Priti Patel to reject Assange’s extradition

    0 shares
    Share 0 Tweet 0
  • These are the 10 highest paying jobs in the Europe in 2022

    0 shares
    Share 0 Tweet 0
  • Why corruption matters

    0 shares
    Share 0 Tweet 0
  • Brussels residents want to set up school for Ukrainian children

    0 shares
    Share 0 Tweet 0
  • Sweden: Taking Syrian children away from parents for protection?

    0 shares
    Share 0 Tweet 0
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT