Wealthy Group of Seven countries have agreed to develop infrastructure plans to compete with China’s Belt and Road Initiative, according to global economic governance experts, but Beijing’s large-scale program will not stop. ..
G7 leaders meet at a three-day summit In South West England, which ended on Sunday — the first face-to-face meeting in two years. The group’s infrastructure plans are part of a widespread collective backlash against China on issues ranging from human rights abuses to non-market practices that undermine fair competition.
“This isn’t meant to stop the Belt and Road Initiative, but the G7 shows that it wants to offer an alternative that revolves around the two big things these countries offer. I think, “said Matthew Goodman, Senior Vice President. Economics at the Center for Strategic and International Studies, Think Tank, based in Washington, DC.
The Belt and Road Initiative is China’s ambitious program to build physical and digital infrastructure to connect hundreds of countries from Asia to the Middle East, Africa and Europe. Critics, Xi Jinping Zemin has considered to be a signature foreign policy in order to expand the global influence of the country.
Goodman, who is also Simon’s chairman of CSIS’s Political Economy, said CNBC’s “Squawbox Asia“The G7 can make a” significant contribution “to close the global infrastructure gap by directing investment to developing countries.
In addition, seven rich democracy will provide better protection for infrastructure projects, such as transparency, accountability, environmental and social standards, Goodman said.
“I think that’s what they’re trying to signal here. Whether they can pull it off is another story, it’s a very difficult business,” he added.
The United States and many other countries have been critical of the Belt and Road Initiative, accusing Beijing of leaving participating countries with intolerable debt and benefiting Chinese companies, many of them state-owned.In addition to Environmental harm of the programCritics also questioned the transparency of the deal.
China was featured prominently in Communiqué announced by G7 on Sunday.. The G7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
In addition to calling for suspected human rights abuses and non-market policies in China, the G7 also called for greater transparency about the origin of the Covid-19 pandemic. They emphasized the importance of peace and stability throughout the Taiwan Strait and expressed concern about tensions in the East China Sea and South China Sea, where China overlaps its territorial claims with its neighbors in the region.
Beijing responded angry to Monday’s communiqué.
The Chinese embassy in the United Kingdom strongly opposed the G7 statement and said it was very dissatisfied.To Mandarin statement The embassy, translated by CNBC, urged the United States and other G7 members to slander China and stop interfering with China’s internal affairs.
Goodman said Beijing should not be surprised by the G7’s backlash before the Chinese embassy statement was released. He said the group wanted to show that democracies are working together to tackle global challenges, as opposed to authoritarian rivals such as China and Russia.
“I think the tone was pretty clear about the concerns these seven large advanced market economies have about China, its economic coercion, non-market policies and its human rights abuses,” Goodman said.
“And I think it was well telegraphed in the preparatory stage of the summit, so Beijing shouldn’t be surprised.”
The G-7 Infrastructure Plan Does Not Stop China’s Belt and Road Initiative: CSIS
Source link The G-7 Infrastructure Plan Does Not Stop China’s Belt and Road Initiative: CSIS