‘Build Back Better World:’ U.S. races to counter China’s ‘predatory’ Belt and Road initiative
(Worthy News) – America and its allies are scrambling to establish a global infrastructure funding mechanism to counter the trillions of dollars China has spent to build projects and buy influence through what U.S. officials describe as Beijing‘s “mercantilist” and “predatory” Belt and Road development lending initiative.
While the Biden administration is framing its efforts as a push to counter climate change, it has generally run with momentum that former President Donald Trump set in motion to compete with the flood of infrastructure loans China has been offering to low- and middle-income countries around the world over the past decade for new roads, bridges, ports and rail lines.
The current White House says the future U.S. economy will depend heavily on the global appetite for infrastructure development, and that Washington‘s ability to steer funding toward such infrastructure is going to shape how much influence America has as a superpower over the coming decades. [ Source: Washington Times (Read More…) ]