China Changes BRI’s Name to Rival Biden’s B3W with a Focus on Green Finance and Inclusive Development | China is changing BRI’s name against Biden’s B3W initiative

China is changing BRI's name against Biden's B3W initiative - India TV Paisa
Photo: AP

China is changing BRI’s name against Biden’s B3W initiative

BEIJING: China is renaming its billion dollar Belt and Road Initiative (BRI) to counter US President Joe Biden’s ‘Build Back Better World’ (B3W) initiative. Biden presented the plan for B3W, an initiative that emphasizes transparency and democratic values, during the G-7 summit in June.

The initiative also aims to help finance projects in developing countries with the aim of building a “transparent, high-level and values-based infrastructure partnership.” However, China denied any competition with the B3W initiative, saying that the BRI was open to international cooperation.

China said it welcomes several countries to join the BRI and that the campaign is open to international cooperation with the intention of increasing connectivity. Senior Communist Party of China official Han Wenshio told a press conference here on Friday that the BRI is not the work of China alone, but that all countries can participate in it.

Han, who is associated with financial and economic affairs, was asked if China views B3W as a rival to BRI. Han said that trade between China and BRI partner countries rose to $ 9.2 billion in 2020, while direct investment by Chinese companies in countries associated with the initiative reached nearly $ 140 billion.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *