EU in race to the top with China von der Leyen

RT.com
22 May 2023, 17:44 GMT+10

The European bloc needs to outcompete Beijing's Belt and Road Initiative, the EU Commission president has said

The EU needs to offer a real alternative to China's economic projects for the countries of the Global South, European Commission President Ursula von der Leyen said on Saturday.

The EU and likeminded nations must use the current "window of opportunity," as "many countries of the Global South are looking for alternative funding options," she said at the G7 summit in Hiroshima, Japan.

Von der Leyen claimed that China's Belt and Road Initiative - a global infrastructure investment strategy unveiled ten years ago - has been losing its appeal because many countries have had "bad experiences with China."

"They took Chinese loans and ended up in a debt crisis," she stated, adding that the EU and the G7 must fill the void.

"We want to put a better offer on the table. If we are in a race, we are in a race to the top," von der Leyen said. She added that the EU is rolling out 90 "flagship projects" on different continents as part of its Global Gateway investment scheme.

Von der Leyen's words came as G7 countries adopted a joint statement accusing Beijing of "economic coercion" and technology theft.

China has repeatedly accused G7 members of abusing trade regulations in order to impose their will on others.

Beijing has denied claims that the Belt and Road Initiative hurts other nations. "The so-called Chinese debt trap is a lie made up by the US and some other Western countries," Chinese Foreign Ministry spokesman Wang Wenbin said last year.

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Technology.

More Information

null in null

Computers

Section

Apple allows outside payment links under EU pressure

SAN FRANCISCO, California: Under pressure from European regulators, Apple has revamped its App Store policies in the EU, introducing...

Elite Women's Boxing Tournament: Lovlina Borgohain storms into semifinals

Hyderabad (Telangana) [India], June 29 (ANI): Olympic Games Tokyo 2020 medalist Lovlina Borgohain eased past Punjab's Krisha Verma...

Ankushita Boro, Nikhat Zareen advance to semi-finals at Elite Women's Boxing

Hyderabad (Telangana) [India], June 29 (ANI): Former youth world champion Ankushita Boro showcased her class on Day 2 of the Elite...

Raj Bhavan Annadhan scheme launched in Goa by Kerala Governor Arlekar

Panaji (Goa) [India], June 29 (ANI): The 'Raj Bhavan Annadhan' scheme was officially launched on Sunday at Old Durbar Hall, Raj Bhavan,...

China's TEDA transforms Egypt's desert into blooming industrial hub

CAIRO, June 28 (Xinhua) -- Sixteen years back, what is now the China-Egypt TEDA Suez Economic and Trade Cooperation Zone was nothing...

Forum highlights regional growth, attracts global partners in Xizang

LHASA, June 28 (Xinhua) -- International business leaders gathered at a forum in southwest China's Xizang Autonomous Region this week,...

Internet

Section