Whereas China’s “new Silk Road” has focused on hard infrastructure, the G7’s plan will prioritise climate and energy security, digital connectivity, health and equality
Save time by listening to our audio articles as you multitaskAs some countries struggled to repay Chinese loans, the Trump administration got some traction calling the“debt-trap diplomacy”. The scheme still accounted for about $890bn in investment and construction contracts between 2013 and 2021, says Christoph Nedopil Wang at Shanghai’s Fudan University.
Now, just as China starts to scale back its programme, America and its allies appear to have come up with an answer. On June 26th the rich democracies of the7 unveiled a plan to mobilise $600bn of private and public investment in infrastructure in low- and middle-income countries over the next five years. It is called the Partnership for Global Infrastructure and Investment . President Joe Biden said his country would stump up $200bn.
In public, China has been dismissive of such efforts. “What the international community wants to see is real money and projects that actually benefit the people,” said Zhao Lijian, a spokesman, after thewas launched. Privately, though, some Chinese experts worry that such Western efforts are gaining pace just as China’s image has been tarnished by its zero-covid strategy and support for Russia in Ukraine.7’s plan, too.
Western officials say these efforts are complementary. But some observers see a lack of new money on offer. They worry that inflation and domestic politics will limit state funding, and the private sector will be wary of investing in unstable countries. “One has to wonder if this isn’t all just too little, too late,” said Matt Ferchen of the Leiden Asia Centre in the Netherlands.7 will try to meet its $600bn goal, the White House listed several ongoing projects that were retroactively included.
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