G7 Summit: Spending Plan To Rival China Adopted

G7 Summit: Spending Plan To Rival China Adopted

G7 leaders seeking to rival China have adopted a plan to support lower- and middle-income countries in building better infrastructure.

Andrew H. Sweet
  • President Joe Biden said he wanted the U.S-backed Build Back Better World (B3W) plan to be a higher-quality alternative to a similar Chinese program.
  • China's Belt and Road Initiative (BRI) has helped finance rail, roads, and ports in many countries. But it has been criticized for saddling some with debt.
  • The G7 leaders at their summit in the English county of Cornwall said they would offer a "values-driven, high-standard and transparent" partnership.
  • The G7, the world's seven wealthiest democracies, is also expected to commit to a new plan to stop future pandemics.
  • The measures include cutting the time needed to develop vaccines and treatments for Covid-19 to under 100 days.

Read the original story here.


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