News

US makes another stab at ‘challenging’ China’s BRI

At the Group of Seven Summit in Germany on June 26, US President Joe Biden made a pledge to raise $200 billion within the United States for global infrastructure spending. It was made clear that this new G7 project, the Partnership for Global Infrastructure and Investment (PGII), was intended to counter the Chinese Belt and Road Initiative (BRI).

Given Biden’s failure to pass the Build Back Better bill (with its scope being almost halved from $3.5 trillion to $2.2 trillion), it is unlikely that he will get the US Congress to go along with this new endeavor.

The PGII is not the first attempt by the US to match Chinese infrastructure investment globally, which initially took place bilaterally, and then after 2013 happened through the BRI.



Source link

Leave a Reply

Your email address will not be published.