Representatives of the G7 countries have decided to support the Build Back Better World plan presented by US President Joe Biden in response to China’s actions. It involves billions of dollars in investment in low- and middle-income countries of Africa, Asia and Latin America.

The plan would place the wealthy G7 nations — US, UK, Canada, France, Germany, Italy, Japan, and the EU — in competition with Beijing’s spending on international infrastructure.

Under President Xi Jinping, China spearheaded a new “Silk Road” initiative to build or improve transportation networks throughout Asia and reaching into Europe.

According to Joe Biden, the G7 plan should become more effective than the Chinese project. However, the details of the Build Back Better Word investment remain unknown.