G7 to raise $600 billion to counter China’s Belt & Road scheme

Chinese President Xi Jinping launched the Belt and Road scheme in 2013. The initiative aims to provide development in over 100 countries.

On Sunday, June 26 (GMT), the G7 leaders pledged to raise $600 billion in private and public funding over five years to support the infrastructure in developing countries and to counter China’s Belt and Road project.

‘Partnership for Global Infrastructure and Investment’ was launched by US President Joe Biden and other leaders at the annual G7 Summit. Biden announced that the US will provide $200 billion in grants over five years to support the project.

“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” said President Joe Biden.

Europe had also pledged to provide €300 billion to counter China’s Belt and Road scheme. European Commission President Ursula von der Leyen said that “a sustainable alternative is needed to counter China’s expansion scheme.”

Chinese President Xi Jinping launched the Belt and Road scheme in 2013. The initiative aims to provide development in over 100 countries. It is also called as the modern version of the ancient Silk Road.