June 28, 2022
US, G7 Announce $600 Billion Infrastructure Plan to Counter China’s Belt and Road
President Biden and other G7 leaders announced on Sunday (June 26) 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.”
China responded to the G7 initiative on Monday (June 27) 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.
© CopyRights Raw_News1st
