G7 leaders adopt spending plan to rival China adopted

Spending plan to rival China adopted
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Daily US Times: The leaders of G7 nations adopt spending plan to rival China as they have adopted a plan to support lower- and middle-income countries around the world in building better infrastructure.

President Joe Biden said he wanted the US-backed Build Back Better World, known as B3W, plan to be a higher-quality alternative to a similar Chinese programme.

China’s Belt and Road Initiative (BRI) has helped finance roads, ports and trains in many countries.

But it has been criticised for saddling some countries with debt.

The G7 leaders said in a statement at their summit in the English county of Cornwall that they would offer a “values-driven, high-standard and transparent” partnership.

However, details of how the G7 spending plan will be financed remain unclear. G7, the world’s seven wealthiest democracies, was not yet at a stage to release financing for its initiative, German Chancellor Angela Merkel said.

The United States has been particularly critical of China’s so-called “debt diplomacy”.

The G7 have also committed to a new plan to stop future pandemics.

The measures include cutting the time needed to develop and license vaccines and Covid-19 treatments to under 100 days. The plan will be officially published on Sunday, alongside the final summit communique.

British Prime Minister Boris Johnson is hosting the three-day gathering at the seaside resort of Carbis Bay.

On Sunday, the leaders will issue the Carbis Bay Declaration. Its aim is to prevent any repeat of the economic and human devastation wreaked by Covid-19.

Globally, more than 175m people have had the infection since the outbreak began, with over 3.7 million Covid-related deaths, according to America’s Johns Hopkins university data.

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