White House: G7 Agrees on Infrastructure Plan to Counter China's 'Belt and Road' Initiative

[Asia Economy Reporter Hyunseok Yoo] The leaders of the Group of Seven (G7) have agreed on a new global infrastructure plan in response to China's massive economic initiative, the "Belt and Road Initiative" (一帶一路).

The White House announced on the 12th (local time) that the G7 leaders have decided to launch a plan to support infrastructure construction in developing countries, according to major foreign media reports.

According to the White House, this plan offers a partnership that is "value-driven, high-standard, and transparent," in contrast to China's Belt and Road Initiative.

The White House stated that the leaders agreed at the summit to "discuss strategic competition with China and take concrete measures to meet the enormous infrastructure demand in low-income countries. They also adopted the 'Build Back Better' project advocated by the United States."

China's Belt and Road Initiative, promoted by President Xi Jinping since 2013, is a land and maritime Silk Road connecting China with Central Asia and Europe, based on infrastructure investment plans worth trillions of dollars, including railways, ports, and highways.

Through this, China has established cooperative systems with over 100 countries worldwide. Among the G7 countries, only Italy participates.

A senior U.S. government official said, "Discussions were held regarding forced labor issues, and there were various views on how difficult it is to pressure China on this matter," according to major foreign media reports.