G7 Summit: New Worries For China?

image source - reuters.com

Just like every year, this G7 summit that was held in Germany focused on important topics like The Ukraine-Russia crisis and climate change, etc. But this time this summit also focused on China.

G7 countries have come up with a plan of financial support to counter China's "Belt and Road Initiative". 

 The Partnership For Global Infrastructure And Investment (PGII)

It's not the first time that G7 nations have come up with such a plan to counter china. last year they come up with a plan of " Build back better world (B3W)". So how come this time it's different? 
well for starters they have a more comprehensive and detailed plan.

image source - koreatimes

G7 and the EU have decided to allot 600$ Billion to help low-income and middle-income countries in development. Out of this 600$ Billion, America will allot 200$ Billion.

This money will be raised from public and private sector partnership and not from government funding. In this partnerships, the private sector will have a bigger contribution than the public sector.

However, US President Joe Biden has clearly said that "I want to be clear. This isn’t aid or charity" which implies whichever country will take this financial help they have to repay the amount.

This summit aims to reflect " Democratic Principles" to show the world that democracy can deliver.

If this plan proves to be effective and efficient then it would raise new worries for China and end their debt-trap diplomacy. 

So that was it for now, only time will tell how this PGII will turn out. What do you think about this plan? Comment down below, I would love to know your opinions on this topic.