Editorial | G7 plan does nothing for globalisation and merely targets China
- Infrastructure push proposed by world’s most developed nations should have dovetailed with Beijing’s Belt and Road Initiative, but instead it seems aimed at dividing and competing
Globalisation has a proven track record of making the world a better place. The sharing among countries of technology and innovation, building of supply chains, increased understanding of other cultures and access to new markets, has raised living standards and lowered costs.
China’s Belt and Road Initiative has this approach at its core and the roads, ports and railways and communications networks built in developing countries since its launch by President Xi Jinping in 2013 have brought innumerable benefits.
An infrastructure plan put forward by the Group of Seven, representing the world’s most developed nations, at its recent annual summit should be in the same spirit and have dovetailing in mind, but instead seems aimed at dividing and competing.
The plan was unveiled at the G7 summit in Britain last year, but little progress was made and it has been relaunched as the Partnership for Global Infrastructure and Investment.
Member nations have pledged to raise US$600 billion in public and private funds over five years for projects in low- and middle-income countries. United States President Joe Biden, in announcing the scheme, said the focus would be on tackling climate change and improving health, gender equality and digital architecture.