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US Resuscitates Bid at G-7 to Counter China’s Belt and Road

  • White House renames funding initiative, seeks fresh funds
  • Would rest on public-private split on funding projects
President Joe Biden arrives at Munich Airport ahead of the Group of Seven leaders summit, in Munich, Germany, on June 25.

President Joe Biden arrives at Munich Airport ahead of the Group of Seven leaders summit, in Munich, Germany, on June 25.

Photographer: Krisztian Bocsi/Bloomberg
Updated on

President Joe Biden rebooted his effort to counter China’s flagship trade-and-infrastructure initiative after an earlier campaign faltered, enlisting the support of Group of Seven leaders at their summit in Germany.

The Build Back Better World initiative, named after Biden’s domestic spending and climate agenda, struggled to get off the ground because not enough G-7 partners contributed financially when it was unveiled a year ago, according to people familiar with its lack of progress. European officials cited the Biden administration’s inability to get its own ambitious economic legislation through Congress.