Biden Proposes Infrastructure Plan to Counter China's Belt and Road Initiative
Discussion on Infrastructure Projects with UK Prime Minister
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[Asia Economy Reporter Yujin Cho] U.S. President Joe Biden proposed an infrastructure plan for democratic countries to counter China's 'Belt and Road Initiative' to British Prime Minister Boris Johnson.
On the 26th (local time), Biden revealed during a meeting with reporters that he had spoken with Prime Minister Johnson and said, "I proposed an initiative similar to the Belt and Road, where our democratic countries come together to support regions around the world in need."
This proposal to build an American version of the Belt and Road aligns with his statement at his first official press conference that "China will not become the world's strongest power right before my eyes." Prime Minister Johnson has also shown interest in the Belt and Road as a strategic move to overcome the Brexit crisis.
The Belt and Road Initiative is a national strategy launched in 2013 by Chinese President Xi Jinping, aimed at expanding China's economic territory by connecting China with Central Asia and Europe.
In the clear atmosphere of a hegemony struggle between the world's first and second largest economies, the U.S. and China, voices have frequently emerged not only from the Trump administration but also from the U.S. Congress calling for checks on China's Belt and Road Initiative.
While the U.S. government is promoting increased overseas investment in the private sector to counter China's Belt and Road, it faces the challenge of persuading over 100 countries that could serve as alternatives to the Belt and Road.
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According to financial information firm Refinitiv, as of mid-last year, there are over 2,600 infrastructure projects such as railways, ports, and highways linked to the Belt and Road in these countries, with an estimated value of $3.7 trillion (approximately 4,200 trillion won).
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