China’s global project has a new rival
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At their annual summit in Britain this year, the group of seven industrialised nations, or G7, has agreed to an infrastructure development plan for developing countries. The Build Back Better World – or B3W – is seen as an alternative to the multi-trillion dollar Belt and Road Initiative (BRI) launched by China about a decade ago. The BRI has been a relatively easy source of funding for power plants, mining, road building and a range of other development projects, and more than 100 countries have partnered with Beijing as part of the scheme. But these projects are not without controversy and there are questions about China’s long-term intentions in the countries taking part. The White House says its plan is not about confronting China, but about providing a better and more transparent alternative that reflects the democratic values of the countries involved. But critics say that without a consistent China policy across its member states the G7 plan is bound to face difficulties. What exactly is B3W trying to achieve and how will it benefit the developing world? Will it compete or compliment China’s BRI? Can the G7 strategy be as consistent as China’s? And how open will developing countries be to accepting the promotion of Western values? Ritula Shah is joined by a panel of experts.