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Politico (26 June 2022)

By JONATHAN LEMIRE and KARL MATHIESEN

The world’s wealthiest democracies on Sunday announced a $600 billion global infrastructure initiative to counter China’s push to exert political and commercial influence through massive investments across emerging economies.

President Joe Biden was joined by other G-7 leaders in unveiling the group’s counterstrike at a summit in the German Alps.

Biden declared that “our nation and the world stand at a genuine inflection point in our history,” and added that the choices made in developing countries today would gird them against future shocks from climate change and pandemics and prepare them for the digital age.

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