Skip to content
Search

Latest Stories

Submit Guest Post

G7 leaders adopt global infrastructure plan to counter China

G7 leaders adopt global infrastructure plan to counter China

TO counter China’s growing reach, G7 leaders have adopted a plan to support lower-and middle-income countries in building better infrastructure.

US president Joe Biden said he wanted the US-backed Build Back Better World (B3W) plan to be a higher-quality alternative to a similar Chinese programme.


China's Belt and Road Initiative (BRI) has helped finance trains, roads, and ports in many countries. However, the programme has been criticised for burdening some with debt.

The US has been particularly critical of China's so-called "debt diplomacy".

Meanwhile, the US officials insisted the new plan is about presenting a positive alternative for the world.

In a statement, the G7 leaders said they would offer a "values-driven, high-standard and transparent" partnership.

However, details of how the global infrastructure plan will be financed remained unclear.

German chancellor Angela Merkel said the group was not yet at a stage to release financing for its initiative.

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

UK prime minister Boris Johnson hosted the three-day summit at the seaside resort of Carbis Bay in Cornwall.

Add EasternEye As Your Trusted Source
preferred source on google news

More For You

Rental rules

Competition for rental homes is intensifying as the supply of properties available to tenants falls

iStock

More than five people are chasing each rental, what happens to UK rents next?

  • UK rents for new tenancies rose 2.6 per cent in July, up from 1.6 per cent in February.
  • Each rental listing is now receiving an average of more than five enquiries.
  • Zoopla expects annual rent growth to reach 4 to 5 per cent by the end of the year.

The UK rental market is coming under renewed pressure after three years of easing, with fewer properties available and growing competition pushing rents higher.

Average rents for new tenancies rose 2.6 per cent in July compared with a year earlier, according to Zoopla. That was up from annual growth of 1.6 per cent in February and brought the average monthly rent to £1,340.

Keep ReadingShow less