Biden Plans Key Projects to Challenge China’s Belt-and-Road
- U.S. officials have identified about 50 possibilities so far
- Additional scouting trip to Asia planned for coming weeks
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The Biden administration looks to launch a global infrastructure financing program, intended to counter China’s Belt and Road initiative, with between five and 10 flagship projects announced as soon as January, a senior U.S. official said Monday.
The “Build Back Better World” program will look to counter Chinese influence by offering funding for projects with higher labor standards, a focus on climate considerations and helping disadvantaged groups like female entrepreneurs. It takes its name from President Joe Biden’s campaign slogan and was launched by the leaders of the world’s richest democracies at the G-7 summit earlier this year.