Latest update April 16th, 2025 7:21 AM
Latest News
- Oil production in Guyana to climb to 900K barrels per day… as 4th FPSO arrives
- Italian company secures contract for early works on Exxon’s 7th project yet to be approved
- Israel proposes Gaza ceasefire deal to release 10 hostages for hundreds of Palestinians, Hamas says
- Peru’s ex-president and first lady sentenced to 15 years in jail
- Brazil to auction 172 oil blocks in June
Pres. Biden suggests creating initiative to rival China’s Belt and Road
On Thursday, Biden said he would prevent China from passing the US to become the most powerful country in the world, pledging to invest heavily to ensure the US prevails in the rivalry between the world’s largest economies [Kevin Lamarque/Reuters]
“I suggested we should have, essentially, a similar initiative, pulling from the democratic states, helping those communities around the world that, in fact, need help,” Biden told reporters.
China’s Belt and Road Initiative (BRI) is a multitrillion-dollar infrastructure scheme launched in 2013 by President Xi Jinping involving development and investment initiatives that would stretch from East Asia to Europe.
The project would significantly expand China’s economic and political influence, raising concerns in the US and elsewhere.
Biden’s remarks came after he said on Thursday he would prevent China from passing the US to become the most powerful country in the world, pledging to invest heavily to ensure the US prevails in the ever-growing rivalry between the world’s two largest economies.
Biden plans to unveil a multitrillion-dollar plan to upgrade US infrastructure next week. He said on Thursday this would ensure increased US investment in promising new technologies, such as quantum computing, artificial intelligence and biotechnology.
While airing its concerns and seeking to encourage private sector-investment for overseas projects to rival those of the BRI, Washington has yet to be able to convince countries that it can offer an alternative to the state-backed economic vision put forward by Beijing under BRI.
More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure. According to a Refinitiv database, as of mid-last year, more than 2,600 projects at a cost of $3.7 trillion were linked to the initiative.
However, China said last year that about 20 percent of BRI projects had been “seriously affected” by the coronavirus pandemic.
There has also been pushback against BRI from countries that have criticised projects as costly and unnecessary. Beijing scaled back some plans after several countries sought to review, cancel or scale down commitments, citing concerns about costs, erosion of sovereignty, and corruption.
Kaieteur News – GUYANA INFO BOX
Chinese and Guyanese Presidents, Xi Jinping and Dr. Irfaan Ali, held talks on the promotion of the Belt and Road Initiative (BRI), on March 16. It is China’s controversial debt-laden plan to build a trade superhighway across the globe.
Guyana signed on to an instrument signaling its intent to participate, in July 2018. Under the initiative, scores of countries appear to benefit from multimillion-dollar soft loans from China for the construction of roads, bridges, airports, deep-water ports and other infrastructure.
Because the project has potential to impact the global political and economic reality significantly, it has become controversial, and has been dubbed by the West as a manifestation of China’s debt-trap diplomacy.
Kaieteur News has highlighted how China has been targeting weak and/or corrupt governments to sign onto its initiative, signing away exorbitant loans for mega-infrastructural projects. Several countries that signed onto China’s Belt and Road initiative are finding this out the hard way.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
In praise of the Almighty Executive Order
Peeping Tom… Kaieteur News- Democracy, as we know it, is a kind of ménage à trois — the elected, the appointed,... more
Collaborative Government–Private Sector Action Imperative for a Resilient Trade Future
By Sir Ronald Sanders Kaieteur News- On April 9, 2025, U.S. President Donald Trump announced a 90-day suspension of the higher... more
Weekend Cartoon
