The Group of Seven (G7) countries have announced plans for a major infrastructure project for developing nations in a bid to rival China’s trillion-dollar Belt and Road Initiative (BRI), also known as “One Belt, One Road.”
The agreement on the initiative titled Build Back Better World (B3W) came on the second day of the Cornwall summit of the seven richest democracies carried out in southwestern England.
The vast project is aimed at providing a transparent infrastructure partnership to “help narrow the $40+ trillion infrastructure need in the developing world, which has been exacerbated by the COVID-19 pandemic,” according to a senior official in the US presidential administration.
“This is not just about confronting or taking on China,” the top official said. “But until now we haven’t offered a positive alternative that reflects our values, our standards and our way of doing business.”
According to German Chancellor Angela Merkel, the “important initiative” is much needed in Africa.
“We can’t sit back and say that China will do it but it’s the G7’s ambition to have a positive agenda for a number of countries in the world which are still lagging behind… I welcome it,” the German leader said.
It was not immediately disclosed how the project would be implemented or how much investment it would ultimately take. The G7 members also didn’t specify an implementation time.
China’s BRI, dubbed the 21st century Silk Road project, was announced by Chinese President Xi Jinping eight years ago. The major project involves development and investment initiatives that would stretch from Asia to Europe and beyond. Since then, Beijing has inked around 200 cooperation documents with 167 countries and international organizations.
The multi-trillion-dollar initiative aims to boost connectivity and cooperation between Asia, Europe, Africa, and Latin America. Experts say it will significantly boost global commerce, cutting trading costs by half for the countries involved.
The project has been sharply criticized by the US and EU officials as a vehicle for the expansion of Communist China with Beijing saying that those doubts betray the “imperial hangover” of many Western powers that humiliated China for centuries.
Meanwhile, Beijing has dismissed the notion that G7 nations can chart the trajectory of global affairs, arguing that decision-making by small clubs has been replaced by genuine multilateralism.
Washington has described the Group of Seven summit in Cornwall, southwestern England, as an opportunity to reinforce the so-called “rules-based international system” – an assertion that China disputes.
“We always believe that countries, big or small, strong or weak, poor or rich, are equals, and that world affairs should be handled through consultation by all countries. The days when global decisions were dictated by a small group of countries are long gone,” a spokesman for the Chinese Embassy in London said on Saturday in response to the rhetoric coming from Cornwall.
The embassy noted that the only legitimate global “order” is based on UN-backed international law, and not the “so-called system and order advocated by a handful of countries.” Beijing supports “genuine multilateralism” based on the principles of equal treatment and cooperation, and rejects the “pseudo-multilateralism” which only serves the interests of a “small clique,” the spokesperson added.
The group of wealthy democracies have used the summit to target Chinese economic initiatives. On Saturday, the allies unveiled an infrastructure project, called “Build Back Better for the World,” which aims to compete with Beijing’s trillion-dollar Belt and Road transportation network. The group also discussed how it could reduce economic dependency on Beijing.
China has accused Washington of “fanning confrontation” by trying to rally G7 nations to form a united front against Beijing.
Attempts to “gang up” on Beijing will fail, the country’s Foreign Ministry said on Thursday, calling for a more “objective and rational” approach to international relations.
China has long maintained that Washington’s influence over global affairs is waning. China’s state-funded Global Times argued in an op-ed earlier this month that the world’s “economic and political center of gravity has shifted eastward,” noting that even European allies are gradually turning away from the US’ uncompromising stance on Beijing.
Little earlier, a number of cooperation deals involving investments of 158.3 billion yuan ($24.6 billion) were sealed at the Fifth Silk Road International Exposition in China. The agreements cover 72 key projects in sectors including education, modern agriculture, and high-tech industry. Foreign investment projects worth $7.7 billion have been also signed at the expo, according to the report.
The five-day expo in Xi’an, the capital of northwest China’s Shaanxi Province, attracted more than 1,900 envoys and guests from 98 countries and regions such as Slovakia, Belgium, the Republic of Korea, Tajikistan, and Zambia.
The ambitious multi-trillion-dollar Belt and Road Initiative (also known as the ‘New Silk Road’), announced by Chinese President Xi Jinping in 2013, aims to boost connectivity and cooperation between East Asia, Europe, and East Africa. It is expected to significantly boost global trade, cutting trading costs in half for the countries involved.
According to official data, the total trade turnover between China and the Belt and Road nations amounted to $9.2 trillion from 2013 to 2020, while combined investment by Chinese enterprises in those countries reached $136 billion.
Reported by Russia Today.
China will strive to maintain a stable monetary policy, ensure that prices remain normal and the economy operates within a reasonable range close to its potential level of output, the central bank governor said on Thursday.
Yi Gang, governor of the People's Bank of China, said the country's monetary policy, which...
China will strive to maintain a stable monetary policy, ensure that prices remain normal and the economy operates within a reasonable range close to its potential level of output, the central bank governor said on Thursday.
Yi Gang, governor of the People's Bank of China, said the country's monetary policy, which...
On June 10, 2021, China’s national legislature, the National People’s Congress (NPC), approved the Anti-Foreign Sanctions Law, with immediate effect. The new law provides legal backing to China’s countermeasures in response to US and EU sanctions over trade, technology, Hong Kong, and Xinjiang.
The law, consisting of...
On June 10, 2021, China’s national legislature, the National People’s Congress (NPC), approved the Anti-Foreign Sanctions Law, with immediate effect. The new law provides legal backing to China’s countermeasures in response to US and EU sanctions over trade, technology, Hong Kong, and Xinjiang.
The law, consisting of 16 articles, stipulates that China has...
China will promote the integration of domestic and foreign trade, and consolidate the stability of the supply and industrial chains to ensure jobs for nearly 200 million people during the 14th Five-Year Plan period (2021-25), a government report said on Wednesday.
Released by the Ministry of Commerce, the Foreign Trade Situation...
China will promote the integration of domestic and foreign trade, and consolidate the stability of the supply and industrial chains to ensure jobs for nearly 200 million people during the 14th Five-Year Plan period (2021-25), a government report said on Wednesday.
Released by the Ministry of Commerce, the Foreign Trade Situation...
China's imports and exports are expected to see steady expansion and improved quality this year, with the support of a series of favorable conditions, a report by the Ministry of Commerce showed.
The country's steady economic recovery, increasing advantage in foreign trade and thriving new business forms will provide strong support...
China's imports and exports are expected to see steady expansion and improved quality this year, with the support of a series of favorable conditions, a report by the Ministry of Commerce showed.
The country's steady economic recovery, increasing advantage in foreign trade and thriving new business forms will provide strong support...
The industrial structure of China needs urgent transformation during which the country should establish an entire industry chain that moves limited resources to high-end industries, experts said during the Seminar on Global Industrial Chain under 100-year Change in Beijing on Thursday.
"Affected by multiple factors, the world will possibly see two...
The industrial structure of China needs urgent transformation during which the country should establish an entire industry chain that moves limited resources to high-end industries, experts said during the Seminar on Global Industrial Chain under 100-year Change in Beijing on Thursday.
"Affected by multiple factors, the world will possibly see two...
China's auto sales rose 36.6 percent year-on-year to 10.88 million units in the January-May period as business activities continued to pick up pace amid sustained economic recovery, data from an industry association showed on Friday.
Sales of passenger vehicles increased 38.1 percent year-on-year to 8.44 million units during the first five...
China's auto sales rose 36.6 percent year-on-year to 10.88 million units in the January-May period as business activities continued to pick up pace amid sustained economic recovery, data from an industry association showed on Friday.
Sales of passenger vehicles increased 38.1 percent year-on-year to 8.44 million units during the first five...
Moody's Investors Service, a New York-headquartered global credit ratings agency, said it holds a stable outlook on China's banking sector in spite of potential risks in the form of uncertainties over the green transformation's technological implementation.
Nicholas Zhu, vice-president and senior credit officer at Moody's, attributed the stable outlook to the...
Moody's Investors Service, a New York-headquartered global credit ratings agency, said it holds a stable outlook on China's banking sector in spite of potential risks in the form of uncertainties over the green transformation's technological implementation.
Nicholas Zhu, vice-president and senior credit officer at Moody's, attributed the stable outlook to the...
China's financial institutions saw expanded balance sheets in the first quarter of this year, official data showed.
The country's financial institutions saw their combined assets increase 9.5 percent year on year to 364.62 trillion yuan (about 57.1 trillion U.S. dollars) by the end of Q1, while their combined liabilities rose 9.6...
China's financial institutions saw expanded balance sheets in the first quarter of this year, official data showed.
The country's financial institutions saw their combined assets increase 9.5 percent year on year to 364.62 trillion yuan (about 57.1 trillion U.S. dollars) by the end of Q1, while their combined liabilities rose 9.6...
China stocks ended lower on Friday, dragged down by liquor and financial firms, and posted a second straight weekly loss, while data showed the country’s broader credit growth slowed in May.
The blue-chip CSI300 index fell 0.9% to 5,224.70, while the Shanghai Composite Index shed 0.6% to 3,589.75.
The CSI300 liquor index...
China stocks ended lower on Friday, dragged down by liquor and financial firms, and posted a second straight weekly loss, while data showed the country’s broader credit growth slowed in May.
The blue-chip CSI300 index fell 0.9% to 5,224.70, while the Shanghai Composite Index shed 0.6% to 3,589.75.
The CSI300 liquor index...
China's banking and insurance regulator issued rules on Tuesday on wealth management products for cash, tightening oversight of the $1 trillion market.
China Banking and Insurance Regulatory Commission banned such products from investing in stocks and convertible bonds and said the leverage level of each product should not exceed 120% normally,...
China's banking and insurance regulator issued rules on Tuesday on wealth management products for cash, tightening oversight of the $1 trillion market.
China Banking and Insurance Regulatory Commission banned such products from investing in stocks and convertible bonds and said the leverage level of each product should not exceed 120% normally,...
China plans to release state reserves of nonferrous metals copper, aluminium and zinc in a programme set to last until the end of 2021, data provider Shanghai Metal Exchange Market (SHMET) and Chinese analysts said.
State-backed research house Antaike on Friday said market speculation of a selloff had been "partially verified," although there is no official document outlining the plan.
China, the world's biggest...
China plans to release state reserves of nonferrous metals copper, aluminium and zinc in a programme set to last until the end of 2021, data provider Shanghai Metal Exchange Market (SHMET) and Chinese analysts said.
State-backed research house Antaike on Friday said market speculation of a selloff had been "partially verified," although there is no official document outlining the plan.
China, the world's biggest...
At a naan-making industrial park in Horgos in Northwest China's Xinjiang Uygur autonomous region, workers are busy making a popular staple food.
Unlike most of the naan made elsewhere in Xinjiang, most of the round pancake-shaped bread is made for consumers in Central Asian countries.
Horgos, which borders Kazakhstan, is China's closest...
At a naan-making industrial park in Horgos in Northwest China's Xinjiang Uygur autonomous region, workers are busy making a popular staple food.
Unlike most of the naan made elsewhere in Xinjiang, most of the round pancake-shaped bread is made for consumers in Central Asian countries.
Horgos, which borders Kazakhstan, is China's closest...
Kazakhstan is an important and reliable partner for the China-proposed Belt and Road Initiative (BRI), Kazakh President Kassym-Jomart Tokayev said Thursday.
"We intend to further develop our mutually beneficial cooperation," he told the 33rd plenary meeting of Kazakhstan's Council of Foreign Investors.
In 2020, the volume of rail transportation in Kazakhstan increased...
Kazakhstan is an important and reliable partner for the China-proposed Belt and Road Initiative (BRI), Kazakh President Kassym-Jomart Tokayev said Thursday.
"We intend to further develop our mutually beneficial cooperation," he told the 33rd plenary meeting of Kazakhstan's Council of Foreign Investors.
In 2020, the volume of rail transportation in Kazakhstan increased...
Central Asia's largest wind farm built by a Chinese firm is nearly complete in south Kazakhstan despite the COVID-19 pandemic. The landmark project demonstrates how the Belt and Road Initiative is transforming Kazakhstan's power matrix and bringing green energy to the country.
Located on a hill-surrounding steppe near the city of...
Central Asia's largest wind farm built by a Chinese firm is nearly complete in south Kazakhstan despite the COVID-19 pandemic. The landmark project demonstrates how the Belt and Road Initiative is transforming Kazakhstan's power matrix and bringing green energy to the country.
Located on a hill-surrounding steppe near the city of...
Zeiss Group, a German manufacturer of optical electronics and optical products like top-end eyeglass lenses, binoculars and camera lenses, is looking to exploit the rising potential of mobile imaging technology in the China market.
Maximilian Foerst, president and managing director of Zeiss China, the local subsidiary of the German parent, said...
Zeiss Group, a German manufacturer of optical electronics and optical products like top-end eyeglass lenses, binoculars and camera lenses, is looking to exploit the rising potential of mobile imaging technology in the China market.
Maximilian Foerst, president and managing director of Zeiss China, the local subsidiary of the German parent, said...
Henkel, the German industrial and consumer goods manufacturer, will continue to invest and support its partners in China in the coming years, as part of its efforts to bank on the country's strong demand from food packaging, home improvement to automotive and consumer electronics, said a senior executive.
The company announced...
Henkel, the German industrial and consumer goods manufacturer, will continue to invest and support its partners in China in the coming years, as part of its efforts to bank on the country's strong demand from food packaging, home improvement to automotive and consumer electronics, said a senior executive.
The company announced...
Two Beijing developed multilateral banks have been making significant loans in the year to date, with a great deal of financing for both Covid-related and development projects. The Asian Infrastructure Investment Bank (AIIB) which China instigated back in 2013, and now holds a 26.1% equity stake in, together with...
Two Beijing developed multilateral banks have been making significant loans in the year to date, with a great deal of financing for both Covid-related and development projects. The Asian Infrastructure Investment Bank (AIIB) which China instigated back in 2013, and now holds a 26.1% equity stake in, together with the BRICS partnered New...
On March 23, the 240,000-ton, 1,312 feet long (399 meters) Panama-flagged MV container ship Ever Given, drawing 47 ft 7 in (14.5 meters) and carrying 20,000 containers from China’s Yantian International Container Terminal in Shenzhen, Guangdong Province bound for Rotterdam, accidentally grounded its bow on the Suez Canal’s eastern bank while...
On March 23, the 240,000-ton, 1,312 feet long (399 meters) Panama-flagged MV container ship Ever Given, drawing 47 ft 7 in (14.5 meters) and carrying 20,000 containers from China’s Yantian International Container Terminal in Shenzhen, Guangdong Province bound for Rotterdam, accidentally grounded its bow on the Suez Canal’s eastern bank while...
With plant-based meat becoming a popular choice for Chinese consumers, Plant Plus, the Singapore-based manufacturer in this category, plans to build a sales network in 15 Chinese provinces during the country's 14th Five-Year Plan period (2021-25), said its executives.
As the name suggests, plant-based meat substitutes are made from plants and...
With plant-based meat becoming a popular choice for Chinese consumers, Plant Plus, the Singapore-based manufacturer in this category, plans to build a sales network in 15 Chinese provinces during the country's 14th Five-Year Plan period (2021-25), said its executives.
As the name suggests, plant-based meat substitutes are made from plants and...
It is mutually beneficial to advance Iran-China cooperation within the framework of the Belt and Road Initiative (BRI), which could accelerate both Iran's development and the China-proposed initiative's implementation, a senior Iranian business leader told Xinhua in a recent interview.
The deepening of cooperation between Iran and China under the BRI...
It is mutually beneficial to advance Iran-China cooperation within the framework of the Belt and Road Initiative (BRI), which could accelerate both Iran's development and the China-proposed initiative's implementation, a senior Iranian business leader told Xinhua in a recent interview.
The deepening of cooperation between Iran and China under the BRI...
Chinese State Councilor and Foreign Minister Wang Yi on Thursday expressed hope that China and Burkina Faso will sign documents on the Belt and Road cooperation as soon as possible and strengthen bilateral cooperation in such areas as healthcare and infrastructure.
Wang made the remarks in a phone conversation with Burkina...
Chinese State Councilor and Foreign Minister Wang Yi on Thursday expressed hope that China and Burkina Faso will sign documents on the Belt and Road cooperation as soon as possible and strengthen bilateral cooperation in such areas as healthcare and infrastructure.
Wang made the remarks in a phone conversation with Burkina...
A railway project connecting Nigeria's city of Lagos, Africa's largest city, to the country's industrial base Ibadan, has been officially put into service on Thursday, making it the first modern double-track standard railway in the West Africa region.
The railway, stretching about 157 kilometers (km) with a speed of 150 km/h,...
A railway project connecting Nigeria's city of Lagos, Africa's largest city, to the country's industrial base Ibadan, has been officially put into service on Thursday, making it the first modern double-track standard railway in the West Africa region.
The railway, stretching about 157 kilometers (km) with a speed of 150 km/h,...
At the beginning of 1960, China was suffering negative rates of the GDP growth per capita. At that time, in comparison, some Latin American countries were expected to follow the example of the United States. Those were countries with a fertile agriculture, massive exports of minerals and metals, and a...
At the beginning of 1960, China was suffering negative rates of the GDP growth per capita. At that time, in comparison, some Latin American countries were expected to follow the example of the United States. Those were countries with a fertile agriculture, massive exports of minerals and metals, and a...
China and the United States have stressed the importance of dialog and communication between the two sides in business-related aspects and said it is necessary to promote pragmatic cooperation in trade and investment, while handling differences properly.
Commerce Minister Wang Wentao and US Secretary of Commerce Gina M. Raimondo exchanged views...
China and the United States have stressed the importance of dialog and communication between the two sides in business-related aspects and said it is necessary to promote pragmatic cooperation in trade and investment, while handling differences properly.
Commerce Minister Wang Wentao and US Secretary of Commerce Gina M. Raimondo exchanged views...
China's online car-hailing giant Didi Chuxing has filed for a public listing in the New York Stock Exchange (NYSE), which is expected to be the largest IPO by a Chinese firm in the US stock market since 2014 when Chinese internet behemoth Alibaba earned the title of the biggest IPO.The...
China's online car-hailing giant Didi Chuxing has filed for a public listing in the New York Stock Exchange (NYSE), which is expected to be the largest IPO by a Chinese firm in the US stock market since 2014 when Chinese internet behemoth Alibaba earned the title of the biggest IPO.The...
The euro and sterling dipped against the dollar on Friday as investors bet interest rates would stay lower for longer in Europe and Britain while looking ahead to next week's U.S. monetary policy meeting.
The dollar index, showing its strongest weekly gain since early May, was last up 0.57% on the...
The euro and sterling dipped against the dollar on Friday as investors bet interest rates would stay lower for longer in Europe and Britain while looking ahead to next week's U.S. monetary policy meeting.
The dollar index, showing its strongest weekly gain since early May, was last up 0.57% on the...
European shares, the S&P 500 and an index of global stock performance scaled new peaks while yields on U.S., Japanese and European government debt fell on Friday as investors embraced the easy monetary policies of major central banks.
Investor sentiment rose in Europe after the European Central Bank raised its growth and inflation...
European shares, the S&P 500 and an index of global stock performance scaled new peaks while yields on U.S., Japanese and European government debt fell on Friday as investors embraced the easy monetary policies of major central banks.
Investor sentiment rose in Europe after the European Central Bank raised its growth and inflation...
Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs.
Brent crude futures rose 35 cents to $72.87 a barrel by 11:20 a.m. EDT (1520 GMT),...
Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs.
Brent crude futures rose 35 cents to $72.87 a barrel by 11:20 a.m. EDT (1520 GMT),...
Gold prices slipped on Friday, pressured by a stronger dollar, with some investors betting on rising U.S. consumer prices being temporary and not affecting the Federal Reserve’s current monetary stimulus.
Spot gold had fallen 0.8% to $1,883.16 per ounce by 1304 GMT. U.S. gold futures were 0.6% lower at $1,885.50.
Inflation has...
Gold prices slipped on Friday, pressured by a stronger dollar, with some investors betting on rising U.S. consumer prices being temporary and not affecting the Federal Reserve’s current monetary stimulus.
Spot gold had fallen 0.8% to $1,883.16 per ounce by 1304 GMT. U.S. gold futures were 0.6% lower at $1,885.50.
Inflation has...
Tin prices rose to their highest in more than a decade on Friday as expectations of severe shortages due to supply and shipping disruptions created by COVID restrictions fuelled another speculative buying frenzy.
Benchmark tin on the London Metal Exchange was up 0.4% at $31,400 a tonne at 1012 GMT.
Prices of...
Tin prices rose to their highest in more than a decade on Friday as expectations of severe shortages due to supply and shipping disruptions created by COVID restrictions fuelled another speculative buying frenzy.
Benchmark tin on the London Metal Exchange was up 0.4% at $31,400 a tonne at 1012 GMT.
Prices of...
Chicago corn fell on Friday as a stronger dollar prompted the market to retreat from a one-month high while investors assessed U.S. government supply forecasts and rain prospects in dry parts of the Midwest. Soybean futures extended losses to reach a two-week low as an increased projection of U.S. stocks...
Chicago corn fell on Friday as a stronger dollar prompted the market to retreat from a one-month high while investors assessed U.S. government supply forecasts and rain prospects in dry parts of the Midwest. Soybean futures extended losses to reach a two-week low as an increased projection of U.S. stocks...
