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G7’s $600 billion PGII met with skepticism, mockery

2022-06-28 10:06:16       source:Global Times

June 27, 2022

After US president Joe Biden and leaders from other Group of Seven (G7) nations proposed to raise $600 billion in the next five years to finance infrastructure projects in developing countries, a move generally interpreted by observers as intending to counter China's Belt and Road Initiative (BRI), economists expressed skepticism over the feasibility of such a program, citing reasons such as the US' strained government debt status, poor infrastructure construction abilities and past failure with a similar project.

They also criticized the G7 proposal for having an "insincere" intention, as it was raised more from the perspective of launching a political competition with China, instead of really caring about the infrastructure situations in lower income countries. In this sense, it is unlikely to yield any project that could compare with China's flagship BRI projects, which focus on mutual connectivity, win-win, not decoupling and exclusionism.

Government leaders from Group of Seven nations made a pledge on Sunday at their annual gathering to raise $600 billion in private and public funds over the next five years to finance infrastructure in developing countries, in a project called the Partnership for Global Infrastructure and Investment (PGII), a Reuters report noted on Monday. 

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