President Joe Biden will announce during talks with world leaders at the G7 summit on Saturday a global $40 trillion infrastructure plan to “Build Back Better for the World.”
During their meeting, World leaders at the G7 summit plan to meet about the importance of a “fair, sustainable, inclusive global economy,” including a discussion about China.
The White House previewed the initiative in a call with reporters, promoting a plan that would compete with China’s Belt and Road Initiative. (A White House official branded Biden’s Build Back Better for the World proposal as “B3W” as opposed to China’s “BRI.”)
“We’ve seen the Chinese government demonstrate a lack of transparency, poor environmental and labor standards, and a course of approach that’s left many countries worse off,” a senior official said.
Biden’s plan would offer a different option for the world, the official noted, competing with China by offering a plan with the “highest labor and environmental standards.”
