Biden signs on to $40T ‘Build Back Better World’ plan to build infrastructure in ‘poorer countries’

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Several G7 nations have agreed to a plan reportedly drafted by President Joe Biden’s administration to spend a combined $40 trillion to “help poorer countries build infrastructure.” The ostensible goal of the Build Back Better World (B3W) plan is to “challenge China’s huge Belt and Road Initiative,” Reuters noted. BRI is a competing global infrastructure project launched in 2013 by Chinese President Xi Jinping. “China’s belt and road plan was launched by Xi in 2013 and involves development and investment initiatives stretching from Asia to Europe and beyond,” the Hong Kong-based South China Morning Post notes. “More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure,” it adds. This has been made possible by how much “progress” the communist nation has made in the past few decades. “China in 1979 had an economy that was smaller than Italy’s, but after opening to foreign investment and introducing market reforms, it has become the world’s second-largest economy and is a global leader in a range of new technologies,” according to Reuters. This re-emergence is considered “one of the most significant geopolitical events of recent times, alongside the 1991 fall of the Soviet Union that ended the Cold War.” The primary difference between B3W and BRI appears to be the price tag. Whereas China has spent only $50 to $100 billion per year, according to the Brookings Institution, Biden and his partners would like to spend $40 trillion. It’s not clear where the money would come from.

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