G7 leaders agreed to keep the money taps open

G7 leaders agreed to keep the money taps open

While Biden and Putin are expected to meet on Wednesday, critics are skeptical the encounter will lead to a major breakthrough for the two nations.

After an informal evening get-together - featuring a Royal Air Force aerobatics display, beach barbecue, firepit marshmallows and a Cornish troupe singing sea shanties - the leaders were to wrap up their three-day summit on Sunday.

Known as the "Belt and Road" initiative, the Chinese government has been financing the construction of key infrastructure projects - ports, railways and airfields - in strategic locations around the world with the intention of extending influence.

The White House said it wants G7 countries to commit to a "higher-quality" alternative to Belt and Road funding, offering investments that adhere to better climate standards and labor practices.

Prime Minister Narendra Modi is scheduled to address the 47th G7 Summit virtually on Saturday. "And, but he didn't come from the US establishment, he had not been part of big time politics before, and some like it some don't like it but that is a fact", Putin said.

"As we come together on this partnership, our G7 partners have agreed that our real goal here is to demonstrate that democracies and open societies can come together and deliver a positive choice to meet some of the biggest challenges of our time, not just for our people, but for people all over the world", said the USA administration official, who also spoke on background. The U.K. government said Saturday's discussions would tackle "how we can shape the global system to deliver for our people in support of our values", including by diversifying supply chains that now heavily depend on China.

Mr Biden believes that the West's battle for domination with China will be the defining geopolitical struggle of the 21st Century.

President Biden's administration secured agreement for a G7 equivalent of the Chinese scheme that will dovetail with moves to tackle climate change.

There has been resistance from the European Union, which previous year signed a deal with Beijing giving Europe and China greater access to each other's markets.

What's on the agenda for Biden's first foreign trip in office
It comes at a moment when Europeans have diminished expectations for what they can expect of US leadership on the foreign stage. US President Joe Biden flies to Europe this week to meet allies ahead of a summit with President Vladimir Putin .

However, China denies any desire to do the same.

The idea of the Build Back Better World - which stemmed from a conversation between UK PM Boris Johnson and Biden - is to offer an alternative to countries so they won't have to take on incredible debt, which has happened through the BRI in the past.

The G7 heads were also joined in person for the discussion on the coronavirus pandemic by the leaders of South Korea, South Africa and Australia.

The United States is pushing the other G7 leaders for "concrete action on forced labour" in China, and to include criticism of Beijing in their final communique from a three-day summit in southwest England, the US official said.

The Elysee Palace said Macron and Biden had talked about "how to make democracies more efficient for the middle class and on China said there should be no confrontation but that we should defend our values and interests". In 2019, France had invited India to attend the Biarritz Summit as a goodwill partner.

Biden plans to raise a range of United States complaints, including over purported Russian election interference and hacking, in the summit with Putin on Wednesday in Geneva at the end of the new president's first foreign trip. The White House announced Saturday that they will not hold a joint news conference afterward, which removes the opportunity for comparisons to the availability that followed Trump and Putin's 2018 Helsinki summit, in which Trump sided with Moscow over his own intelligence agencies.

Biden and Putin plan on meeting this week, after Biden finishes participating in a Group of 7 summit.

In an interview with U.S. network NBC News released Friday, Putin voiced hope that Biden would exhibit none of the "impulse-based movements" of Trump, who notoriously sided with the Russian leader against the views of his own intelligence chiefs.

Putin, in an interview with NBC News, said the U.S. -Russia relationship had "deteriorated to its lowest point in recent years".

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