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G7 Initiatives Aim to Counter China’s Influence, Biden Says

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G7 Initiatives Aim to Counter China’s Influence, Biden Says

After the Group of 7 summit ended in England on Sunday, President Biden told reporters that global initiatives, like infrastructure investments, by G7 countries would promote democratic values and offset China’s growing influence.

We’ve just wrapped up what has been an extraordinary collaborative and productive meeting of the G7. Everyone at the table understood and understands both the seriousness and the challenges that we are up against, and the responsibility of our proud democracies to step up and deliver for the rest of the world. Ending the pandemic and maintaining robust support for an equitable, inclusive global economic recovery were the top priorities of our nations as we got together. We know we can’t achieve one without the other. That is, we have to deal with the pandemic in order to be able to deal with economic recovery. Critically, the G7 leaders endorsed a global minimum tax of 15 percent. Because too many corporations have been engaged in what are essentially tax havens, deciding that they would pay considerably less in other environs around the world. We also made a momentous commitment at the G7 to help meet more than a $40 trillion need to exist for infrastructure in the developing world. China has its Belt and Road initiative, and we think that there’s a much more equitable way to provide for the needs of countries around the world. And so it’s a values driven, high standard, transparent financing mechanism we’re going to provide, and support projects in four key areas: climate, health, digital technology and gender equity. And we believe that will not only be good for the countries, but be good for the entire world. It would represent values that our democracies represent, and not the autocratic lack of values.

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