Brussels: The European Union (EU) has responded to China’s Belt and Road Initiative, which has been accused internationally of embezzling debt after lending generously to countries. The EU’s latest move is expected to help the world overcome China’s ‘diplomatic debt trap’ of making the country its own poorest country when it is unable to pay its debts.
Ursula von Der Lion, President of the European Commission (EU), the governing body of the European Union (EU), has said that China is the only country that benefits from China’s plans and that is why the new plan is being implemented. They also announced that it would be a viable alternative to China’s non-transparent lending.
There were reports that 42 countries participating in China’s Belt and Road Initiative, a massive infrastructure development project, were mired in huge debt. Meanwhile, the Global Gateway project was announced by the 27 – member European Union. The EU plans to spend 300 billion euros (approximately $ 340 billion) globally on infrastructure development, technology and climate change by 2027. It is hoped that this will accelerate the movement of goods and raw materials from different countries.
China is implementing projects worth about $ 843 billion in countries around the world as part of the Belt and Road Initiative. Of this, $ 385 billion is reported to have been imposed on countries. The Belt and Road project is a dream project of Chinese President Xi Jinping. In 2013, Shi announced the Belt and Road project. It envisions a network of improved underground and maritime trade routes connecting China with many countries in Asia, Europe and Africa.
At the same time, it is alleged that some of the poorest countries in Africa are already in China’s debt trap and that such agreements are paving the way for Chinese countries to use their land for military intervention, including for military purposes. The EU will implement the Global Gateway project as a loan and financial assistance alternative to China.
Ursula von Der Lion, president of the European Commission, told the Lion news agency that the proposal was aimed at preventing countries from falling into debt. She added that this would be implemented in a way that would benefit the people of the area. The Belt and Road Project generally finances China’s ports, airports, and railways, which provide better transportation to China by land and sea.
The European Union (EU) has recently come out with an anti-China stance on Taiwan. This was in the wake of US opposition to the Taiwan issue. The new plan is being hailed by international observers as an example of the emergence of a new international force against China.
English Summary: EU unveils 300 billion euro global infra plan in reply to China’s BRI
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