The G-7 wants to mobilize new global financing as an alternative to China’s multilateral push
Over the weekend, President Biden and other Group of 7 leaders announced a new Build Back Better World (B3W) partnership to mobilize hundreds of billions of dollars toward infrastructure and other development projects. A key aim of B3W is to counter the global Chinese infrastructure push, which has happened bilaterally through the Belt and Road initiative and multilaterally through loans from the Asian Infrastructure Investment Bank, or the AIIB.
Critics of China’s global infrastructure ventures underscore the dangers of “debt trap diplomacy” and accuse Beijing of using multilateral development banks to its advantage. But is China actually using its growing economic clout to reshape the existing multilateral economic order?… Seguir leyendo »