Countermeasure or complement?

THIS WEEK’S TOPIC: As a business leader, what is your response to the G-7’s Build Back Better World (B3W) plan to rival China’s Belt and Road Initiative (BRI)?

The global response to B3W has been muted at best. The primary reason, whether countries openly acknowledge it or not, is that none of them stand to gain by straining relations with China – the 800-pound gorilla in the room. China is already the world’s largest economy, relegating the US to second place in terms of purchasing power parity. Additionally, among China’s top 10 trading partners, three are in the G-7: the US, Germany, and the UK.

With regards to BRI, China has so far signed pacts with 140 countries and 31 international organisations. In Africa alone, 46 countries and the African Union Commission have inked agreements with China. Hence, we can see that China’s economy is very intertwined with G-7 members and many African countries – the very countries that the B3W claims to potentially offer infrastructure support and investment.

Economically and politically, I do not see the G-7’s B3W as a credible alternative to China’s BRI.