{"id":19321,"date":"2022-06-27T16:55:24","date_gmt":"2022-06-27T11:55:24","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=19321"},"modified":"2022-06-27T16:56:04","modified_gmt":"2022-06-27T11:56:04","slug":"g7-takes-on-chinas-belt-and-road-leaders-detail-600billion-plan","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/27\/g7-takes-on-chinas-belt-and-road-leaders-detail-600billion-plan\/","title":{"rendered":"G7 takes on China’s Belt and Road: Leaders detail $600billion plan"},"content":{"rendered":"\n

G7<\/a> leaders last night revealed a $600billion investment plan for the developing world in a stinging rebuke to China’s Belt and Road Initiative for global expansion.<\/p>\n\n\n\n

The \u00a3488billion Partnership for Global Infrastructure (PGII) will go head-to-head with China’s multi-trillion dollar investment plan for scores of low and middle-incomes nations.<\/p>\n\n\n\n

Under Beijing’s Belt and Road Initiative (BRI), Chinese firms are already building roads, bridges and airports in 70 countries where China is seeking greater influence.<\/p>\n\n\n\n

The pursuit of a ‘new Silk Road’ trade route between Asia and Europe is the flagship of President Xi Jinping’s plans for Chinese expansion.<\/p>\n\n\n\n

It is made up of a ‘belt’ of six overland corridors that direct trade to and from China and a maritime ‘road’ of shipping routes and seaports from the South China Sea to the Indian Ocean.<\/p>\n\n\n\n

Pillars of the BRI already built include freight rail links from Wuhan to Lyon and Chengdu to Prague.<\/p>\n\n\n\n

And since 2005, China’s three largest state investment banks have also loaned hundreds of billions of dollars to Latin American countries, funding power stations and dams.<\/p>\n\n\n\n

In 2018, President Xi announced<\/a> $60billion (\u00a348billion) in funding for development projects in Africa.<\/p>\n\n\n\n

Announcing his own expansion of the BRI at Davos five years ago, President Xi said it was time for China to ‘swim in the vast ocean of the global market’.<\/p>\n\n\n\n

But the BRI has been saddled with claims of corruption, opacity and fraudulent bidding since it was first launched nearly a decade ago.<\/p>\n\n\n\n

A 2019 study published in Nikkei Asian Review described significant ‘corruption flows’ within President Xi’s plan.<\/p>\n\n\n\n

Author Johnathan E. Hillman, an adviser to the US State Department, wrote: ‘By limiting outside scrutiny, the initiative’s lack of transparency gives Chinese companies an edge in risky markets, and it allows Beijing to use large projects to exercise political influence.<\/p>\n","protected":false},"excerpt":{"rendered":"

G7 leaders last night revealed a $600billion investment plan for the developing world in a<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[216,7],"tags":[],"class_list":["post-19321","post","type-post","status-publish","format-standard","hentry","category-international","category-stories"],"yoast_head":"\nG7 takes on China's Belt and Road: Leaders detail $600billion plan<\/title>\n<meta name=\"description\" content=\"In 2018, President Xi announced $60billion (\u00a348billion) in funding for development projects in Africa.Announcing his own expansion of the BRI\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2022\/06\/27\/g7-takes-on-chinas-belt-and-road-leaders-detail-600billion-plan\/\" 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