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Mon Nov 8, 2021, 08:34 PM

Biden Plans Flagship Projects to Challenge China's Belt-and-Road

Bloomberg via Yahoo

The Biden administration looks to launch a global infrastructure financing program, intended to counter China’s Belt and Road initiative, with between five and 10 flagship projects announced as soon as January, a senior U.S. official said Monday.

The “Build Back Better World” program will look to counter Chinese influence by offering funding for projects with higher labor standards, a focus on climate considerations and helping disadvantaged groups like female entrepreneurs. It takes its name from President Joe Biden’s campaign slogan and was launched by the leaders of the world’s richest democracies at the G-7 summit earlier this year.

Since then, White House officials including deputy national security adviser Daleep Singh have visited nations in South America and Africa for discussions on potential launch projects, with an additional trip to Asia scheduled in the coming weeks.

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