G7 aims to raise $600 billion to counter China's Belt and Road

[peppertree]

Source: Reuters

Group of Seven leaders pledged on Sunday to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China's older, multitrillion-dollar Belt and Road project.

U.S. President Joe Biden and other G7 leaders relaunched the newly renamed "Partnership for Global Infrastructure and Investment," at their annual gathering being held this year at Schloss Elmau in southern Germany.

Biden said the United States would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.

"I want to be clear. This isn't aid or charity. It's an investment that will deliver returns for everyone," Biden said, adding that it would allow countries to "see the concrete benefits of partnering with democracies."

Read more: https://www.reuters.com/world/refile-us-aims-raise-200-bln-part-g7-rival-chinas-belt-road-2022-06-26/

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Italian Prime Minister Mario Draghi, European Commission President Ursula von der Leyen, U.S. President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, Canadian Prime Minister Justin Trudeau, Japanese Prime Minister Fumio Kishida, French President Emmanuel Macron and European Council President Charles Michel enjoying the G7 Summit held at Elmau Castle, Bavaria, Germany.

The G7 leaders agreed on a pledge to raise $600 billion in private and public funds for developing countries to counter China's growing influence and soften the impact of soaring food and energy prices.

[oldsoftie]

1. Want to "counter china"? QUIT BUYING FROM THEM.

Let them run out of OUR money.

[Voltaire2]

3. Good luck with that

We don’t have the infrastructure or labor force to even begin to compete with China.

[oldsoftie]

4. It doesn't have to be brought back here; just OUT of china.

Singapore isn't trying to take over the world. Nether are any of the other Asian countries who would LOVE our business.

[Voltaire2]

5. Expanding trade routes is not 'world domination'.

In fact it is how we as nations are supposed to compete.

Singapore has a population of 6m. It ain’t going to replace China either.

[oldsoftie]

7. Compete? Ok you can go on thinking china isn't a threat. Experts disagree.

You can't compete with slave labor. China is not our friend or anyone else that isn't communist. We are dangerously tied to them and its a threat to national security. We shouldn't be getting nearly ALL our antibiotics from china. Or electrical grid components. And the more we push battery powered cars the more power we give them.
China is trying to take control of Africa. They're making inroads in S America. All the places that have the critical materials the West needs. China is an enemy & whistling past the graveyard isn't going to help
Replacing them doesnt have to mean ONE country. It can be several.

[Bayard]

2. Looks like a happy group

[peppertree]

8. And I suspect, not just on account of the scenery...

[PortTack]

6. Glad to hear this!!