What's new

G7 summit: Spending plan to rival China adopted (i know this article is not talking about bangladesh, but this directly effects bangladesh. What are t

Tom-tom

FULL MEMBER
Dec 10, 2019
657
-4
444
Country
United Kingdom
Location
United Kingdom
What does this ential for bangladesh?


G7 summit: Spending plan to rival China adopted
12 June 2021
G7 leaders meeting in Carbis Bay, Cornwall (11 June)

IMAGE SOURCE,LEON NEAL/PA MEDIA
G7 leaders seeking to rival China have adopted a plan to support lower- and middle-income countries in building better infrastructure.
President Joe Biden said he wanted the US-backed Build Back Better World (B3W) plan to be a higher-quality alternative to a similar Chinese programme.
China's Belt and Road Initiative (BRI) has helped finance trains, roads, and ports in many countries.
But it has been criticised for saddling some with debt.
In a statement at their summit in the English county of Cornwall, the G7 leaders said they would offer a "values-driven, high-standard and transparent" partnership.
However, details of how the G7 plan will be financed remain unclear. German Chancellor Angela Merkel said the group was not yet at a stage to release financing for its initiative.
The US has been particularly critical of China's so-called "debt diplomacy".
The G7, the world's seven wealthiest democracies, have also committed to a new plan to stop future pandemics.
The measures include cutting the time needed to develop and license vaccines and treatments for Covid-19 to under 100 days. The plan will be officially unveiled on Sunday, alongside the final summit communique.
UK Prime Minister Boris Johnson is hosting the three-day gathering at the seaside resort of Carbis Bay.
2px presentational grey line

A US plan to counter China
Analysis box by Jon Sopel, North America editor

The Americans see Saturday's session at the G7 as being about challenging the rise of Chinese influence around the world. Beijing's Belt-and-Road initiative, which has seen billions of dollars poured into developing countries, must be countered by the Western democracies.
Senior administration officials want to prove that Western values can prevail. They argue that Chinese investment has come with too high a price tag; that the forced labour of the Uyghur minority in Xinjiang is morally egregious, and economically unacceptable as it prevents fair competition.
Global supply chains, Joe Biden will insist, must be free of this kind of labour. US officials say this is not just about confronting China, but about presenting a positive alternative for the world.
But the Biden administration has been vague about how much the West would contribute to this global infrastructure plan and over what timescale. What is clear is a renewed determination among Western powers that they need to act now to counter a resurgent and increasingly powerful China.

Video caption,
What China's One Belt, One Road really means
2px presentational grey line

What have Western powers done about China so far?
Earlier this year, the US, the European Union, the UK and Canada introduced co-ordinated sanctions on China.
The sanctions, including travel bans and asset freezes, targeted senior officials in Xinjiang who have been accused of serious human rights violations against Uyghur Muslims.
More than a million Uyghurs and other minorities are estimated to have been detained in camps in the north-western province.
The Chinese government has been accused of carrying out forced sterilisations on Uyghur women and separating children from their families.
Workers walk by the perimeter fence of what is officially known as a vocational skills education centre in Dabancheng in Xinjiang Uighur Autonomous Region, China September 4, 2018.

IMAGE SOURCE,REUTERS
Image caption,
China has created a sprawling network of detention camps for minorities in the Xinjiang region
A BBC investigation published in February contained first-hand testimony of systematic rape, sexual abuse and torture of detainees.
China responded with its own sanctions on European officials.
What is the G7's Covid plan?
The leaders will issue the Carbis Bay Declaration on Saturday. Its aim is to prevent any repeat of the human and economic devastation wreaked by Covid-19.
Globally, more than 175 million people have had the infection since the outbreak began, with over 3.7 million Covid-related deaths, according to America's Johns Hopkins university.
G7 leaders

The G7 declaration will spell out a series of steps, including:
  • Slashing the time taken to develop and licence vaccines, treatments and diagnostics for any future disease to under 100 days
  • Reinforcing global surveillance networks and genomic sequencing capacity
  • Support for reforming and strengthening the World Health Organization (WHO)
The declaration is expected to incorporate recommendations from a report by a group of international experts drawn from across industry, government and scientific institutions.
UN Secretary General António Guterres and WHO director Dr Tedros Ghebreyesus will also take part in Saturday's session.
Dr Tedros stressed that "the world needs a stronger global surveillance system to detect new epidemic and pandemic risks".


 

Viet

ELITE MEMBER
Jun 18, 2012
23,693
0
17,600
Country
Viet Nam
Location
Germany
Communist China led by Xi Jinping wants to pour $1 trillion on his silk streets. The G7 led by the US think of $40 trillion. We have to wait a bit though and see how many trillion USD will rain down on Vietnam and other poor nations. Bangladesh will get the piece of the cake.
there is a new economic front against China.
 

bluesky

ELITE MEMBER
Jun 14, 2016
11,162
0
12,767
Country
Bangladesh
Location
Japan
Communist China led by Xi Jinping wants to pour $1 trillion on his silk streets. The G7 led by the US think of $40 trillion. We have to wait a bit though and see how many trillion USD will rain down on Vietnam and other poor nations. Bangladesh will get the piece of the cake.
there is a new economic front against China.
The USA is even unable to reconstruct its own ruined transport infrastructure. How can the world believe in the western countries' $40 trillion investment to challenge China's investments throughout Asia and Africa?

I think the EU and US printing houses will be kept busy year-round to print $40 trillion worth of money but without the support of the production of material goods that really count.

Paper dollars are unable to build anything except that it will cause high inflation in the West, and China will go forward with its strong economic infrastructures.
 

Viet

ELITE MEMBER
Jun 18, 2012
23,693
0
17,600
Country
Viet Nam
Location
Germany
The USA is even unable to reconstruct its own ruined transport infrastructure. How can the world believe in the western countries' $40 trillion investment to challenge China's investments throughout Asia and Africa?

I think the EU and US printing houses will be kept busy year-round to print $40 trillion worth of money but without the support of the production of material goods that really count.

Paper dollars are unable to build anything except that it will cause high inflation in the West, and China will go forward with its strong economic infrastructures.
Don’t be naive. Sure, the US prints dollars, you think, China doesn’t? Ok chinese don’t print dollars they print yuan worth $1 trillion to spend on silk stuffs. They ask other countries to accept yuan. If you ask me it’s the same.
If you complain then be it. Why should I complain if the G7 rains down dollar money on us? About Vietnam we take everything. We take yuan. We take dollar.
 

bluesky

ELITE MEMBER
Jun 14, 2016
11,162
0
12,767
Country
Bangladesh
Location
Japan
Don’t be naive. Sure, the US prints dollars, you think, China doesn’t? Ok chinese don’t print dollars they print yuan worth $1 trillion to spend on silk stuffs. They ask other countries to accept yuan. If you ask me it’s the same.
Do not teach me about economics. Every country prints money depending upon its needs. If China prints Yuan, it is supported by the production in its huge manufacturing sectors. The USA and Western countries will print dollars but will not be supported by manufacturing.

Especially, the USA will remain overburdened with the investment in the reconstruction of transport infrastructures the planned expenditure being $2 trillion!!! Where is its money to do activities throughout the world the same as China is doing? Even the USA will fail to reconstruct without causing high inflation.

Western countries have reached the pinnacle and will fall down like a rotten apple by the weight of their inaptitude/ineptitude and decadent culture.
 
Last edited:

Viet

ELITE MEMBER
Jun 18, 2012
23,693
0
17,600
Country
Viet Nam
Location
Germany
Do not teach me about economics. Every country prints money depending upon its needs. If China prints Yuan, it is supported by the production in its huge manufacturing sectors. The USA and Western countries will print dollars but will not be supported by manufacturing.

Especially, the USA will remain overburdened with the investment in the reconstruction of transport infrastructures the planned expenditure being $2 trillion!!! Where is its money to do activities throughout the world the same as China is doing? Even the USA will fail to reconstruct without causing high inflation.

Western countries have reached the pinnacle and will fall down like a rotten apple by the weight of their inaptitude and decadent culture.
nonsense
The value of a currency be dollar or yuan is backed by its entire economy not by a particular sector as manufacturing of a country.
China massive manufacturing is worth zero if it can not sell its products.
The main export markets of China manufacturing is the US, EU, and other.
Or do you expect chinese can buy everything they make?
 

bluesky

ELITE MEMBER
Jun 14, 2016
11,162
0
12,767
Country
Bangladesh
Location
Japan
nonsense
The value of a currency be dollar or yuan is backed by its entire economy not by a particular sector as manufacturing of a country.
China massive manufacturing is worth zero if it can not sell its products.
The main export markets of China manufacturing is the US, EU, and other.
Or do you expect chinese can buy everything they make?
Did I say any different? Do you think a matured economy does not need foreign trades? The West will keep on purchasing Chinese goods and will be paying in Euro and dollar for many many more years to come?

The more the Chinese economy matures, the more its own domestic market will enlarge. So, China will more depend on its own domestic market in the future. Exports to the West will help China attain maturity in a few decades.
 

Dalit

ELITE MEMBER
Mar 16, 2012
13,733
-17
25,364
Country
Pakistan
Location
Netherlands
LOL the Americans have been at loss since OBOR was launched. Look at where Chinese projects are today and look at American claims. Still talking. Yawn.
Balls, the UK can barely provide for the NHS, they're gonna commit to this? Laughable to say the least.
This G7 group is in therapy mode. Still reeling from Trump's assault. Pretending they are back. How many times does one have to reiterate that they are back? LOL the Europeans and Americans have been announcing US return on a daily basis.
 

TOTUU

FULL MEMBER
Mar 1, 2015
231
-2
523
Country
China
Location
China
Getting the West to build infrastructure now is the equivalent of getting a 98-year-old rich woman to birth a child; it's not about money at all.. What the West lacks now is not technology, not power, not military, not economy, but a lack of hard working and enterprising people, the West as a whole is now the equivalent of old and lazy rich people, what the West needs is a nirvana rebirth, that is, the West goes through a complete decline and failure and then gets reborn, this process is like the experience of China in the last 200 years.

Translated with www.DeepL.com/Translator

 

mb444

SENIOR MEMBER
Apr 18, 2012
3,921
1
6,449
Country
United Kingdom
Location
United Kingdom
G7 only real point this time is to agree on how to tax global tech giants.

Covid response is to look inward and build back better.

There will be no money to oppose china or whatever. China itself has no money following trade war with US.

Just like in the vaccine scenario the poor will have to look after themselves. No one is going to lend a hand when their own economies have taken such a hit .
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)


Top Bottom