At the G-7 summit in the United Kingdom earlier this month, U.S. President Joe Biden’s administration led other leaders from the group of wealthy countries in launching an infrastructure partnership widely viewed as a competitor to China’s Belt and Road Initiative.
It even has a competing acronym. Instead of BRI, Biden’s global plan to narrow the $40 trillion infrastructure finance gap in lower-income countries is called Build Back Better World — or B3W.
Officials from Biden’s administration insist B3W is not an “anti-China” effort.