The Group of Seven richest democracies sought to counter China’s growing influence by offering developing nations an infrastructure plan that could rival President Xi Jinping’s multi-trillion-dollar Belt and Road initiative.
Daily Current Affairs Quiz 2021
Leaders of the G7 – the United States, Canada, Britain, Germany, Italy, France and Japan – want to use their gathering in the seaside resort of Carbis Bay to show the world that the richest democracies can offer an alternative to China’s growing clout.
The re-emergence of China as a leading global power is considered to be one of the most significant geopolitical events of recent times, alongside the 1991 fall of the Soviet Union that ended the Cold War.
The G7 and its allies will use the B3W initiative to mobilise private-sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality.
China’s Belt and Road Initiative (BRI) scheme, which Xi launched in 2013, involves development and investment initiatives that would stretch from Asia to Europe and beyond.
