After G7 pledge, EU seeks to rival China's 'Belt and Road' with own infrastructure plan

[Vanguard One]

© Reuters/Jason Lee FILE PHOTO: An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue in Beijing


BRUSSELS (Reuters) - European Union foreign ministers agreed on Monday to launch a global infrastructure plan linking Europe to the world, its latest step after deals with India and Japan and a similar pledge by the Group of Seven richest democracies.


Suspicious of Chinese President Xi Jinping's Belt and Road Initiative to link Europe to Asia via infrastructure in a bid for greater influence, the EU set out a formal path for an ambitious "connectivity" plan from 2022.

"We see China using economic and financial means to increase its political influence everywhere in the world. It's useless moaning about this, we must offer alternatives," German Foreign Minister Heiko Maas told reporters at a meeting with his EU counterparts in Brussels.

"It is important that the European Union ... coordinates them very closely with the United States," he said.

The EU has already signed partnerships with Japan and India to coordinate transport, energy and digital projects linking Europe and Asia. Both Tokyo and Delhi are worried about Chinese largesse that officials say makes poorer countries beholdened to Beijing because they are forced to take on such large debts.


Through development banks, first-loss guarantees to private companies and by offering Western government know-how, the G7, whose leaders met in England in June, also want to provide more transparency in infrastructure partnerships.

Montenegro, a member of the NATO military alliance and an aspirant to join the EU, is the highest-profile casualty of Chinese debt, Western officials say.

Montenegro borrowed nearly $1 billion from China in 2014 to fund a 41-km (25-mile) stretch of road, an amount that has threatened to bankrupt the country. It is now negotiating with Western banks to swap or refinance the debt, Reuters reported this month.

The EU strategy, called "A Globally Connected Europe", makes no mention of China and Luxembourg's veteran Foreign Minister Jean Asselborn cautioned on Monday about making China an adversary, noting that German carmakers sold more vehicles in China every year than in Germany.

But one EU diplomat involved in drafting the strategy said the eight-page document had "China written all over it".

Since 2013, China has launched construction projects across more than 60 countries, seeking a network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa. Beijing denies any intention to project power and has said the infrastructure corridor focuses on the needs of ordinary people.

(Reporting by Robin Emmott; Editing by Nick Macfie)

After G7 pledge, EU seeks to rival China's 'Belt and Road' with own infrastructure plan

 

[OIO]

View attachment 761773
© Reuters/Jason Lee FILE PHOTO: An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue in Beijing


BRUSSELS (Reuters) - European Union foreign ministers agreed on Monday to launch a global infrastructure plan linking Europe to the world, its latest step after deals with India and Japan and a similar pledge by the Group of Seven richest democracies.


Suspicious of Chinese President Xi Jinping's Belt and Road Initiative to link Europe to Asia via infrastructure in a bid for greater influence, the EU set out a formal path for an ambitious "connectivity" plan from 2022.

"We see China using economic and financial means to increase its political influence everywhere in the world. It's useless moaning about this, we must offer alternatives," German Foreign Minister Heiko Maas told reporters at a meeting with his EU counterparts in Brussels.

"It is important that the European Union ... coordinates them very closely with the United States," he said.

The EU has already signed partnerships with Japan and India to coordinate transport, energy and digital projects linking Europe and Asia. Both Tokyo and Delhi are worried about Chinese largesse that officials say makes poorer countries beholdened to Beijing because they are forced to take on such large debts.


Through development banks, first-loss guarantees to private companies and by offering Western government know-how, the G7, whose leaders met in England in June, also want to provide more transparency in infrastructure partnerships.

Montenegro, a member of the NATO military alliance and an aspirant to join the EU, is the highest-profile casualty of Chinese debt, Western officials say.

Montenegro borrowed nearly $1 billion from China in 2014 to fund a 41-km (25-mile) stretch of road, an amount that has threatened to bankrupt the country. It is now negotiating with Western banks to swap or refinance the debt, Reuters reported this month.

The EU strategy, called "A Globally Connected Europe", makes no mention of China and Luxembourg's veteran Foreign Minister Jean Asselborn cautioned on Monday about making China an adversary, noting that German carmakers sold more vehicles in China every year than in Germany.

But one EU diplomat involved in drafting the strategy said the eight-page document had "China written all over it".

Since 2013, China has launched construction projects across more than 60 countries, seeking a network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa. Beijing denies any intention to project power and has said the infrastructure corridor focuses on the needs of ordinary people.

(Reporting by Robin Emmott; Editing by Nick Macfie)

After G7 pledge, EU seeks to rival China's 'Belt and Road' with own infrastructure plan

China welcomes this and hopes they will do what they say!

 

[Viet]

View attachment 761773
© Reuters/Jason Lee FILE PHOTO: An attendant walks past EU and China flags ahead of the EU-China High-level Economic Dialogue in Beijing


BRUSSELS (Reuters) - European Union foreign ministers agreed on Monday to launch a global infrastructure plan linking Europe to the world, its latest step after deals with India and Japan and a similar pledge by the Group of Seven richest democracies.


Suspicious of Chinese President Xi Jinping's Belt and Road Initiative to link Europe to Asia via infrastructure in a bid for greater influence, the EU set out a formal path for an ambitious "connectivity" plan from 2022.

"We see China using economic and financial means to increase its political influence everywhere in the world. It's useless moaning about this, we must offer alternatives," German Foreign Minister Heiko Maas told reporters at a meeting with his EU counterparts in Brussels.

"It is important that the European Union ... coordinates them very closely with the United States," he said.

The EU has already signed partnerships with Japan and India to coordinate transport, energy and digital projects linking Europe and Asia. Both Tokyo and Delhi are worried about Chinese largesse that officials say makes poorer countries beholdened to Beijing because they are forced to take on such large debts.


Through development banks, first-loss guarantees to private companies and by offering Western government know-how, the G7, whose leaders met in England in June, also want to provide more transparency in infrastructure partnerships.

Montenegro, a member of the NATO military alliance and an aspirant to join the EU, is the highest-profile casualty of Chinese debt, Western officials say.

Montenegro borrowed nearly $1 billion from China in 2014 to fund a 41-km (25-mile) stretch of road, an amount that has threatened to bankrupt the country. It is now negotiating with Western banks to swap or refinance the debt, Reuters reported this month.

The EU strategy, called "A Globally Connected Europe", makes no mention of China and Luxembourg's veteran Foreign Minister Jean Asselborn cautioned on Monday about making China an adversary, noting that German carmakers sold more vehicles in China every year than in Germany.

But one EU diplomat involved in drafting the strategy said the eight-page document had "China written all over it".

Since 2013, China has launched construction projects across more than 60 countries, seeking a network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa. Beijing denies any intention to project power and has said the infrastructure corridor focuses on the needs of ordinary people.

(Reporting by Robin Emmott; Editing by Nick Macfie)

After G7 pledge, EU seeks to rival China's 'Belt and Road' with own infrastructure plan

Montenegro can default on chinese loans. Thanks to Xi Jingping generous money.
Other EU countries are not too stupid to bail out.

 

[khansaheeb]

China welcomes this and hopes they will do what they say!

They will be in more debt to China. So China creates debt and EU buys it. That is the funniest thing I have heard for a long time. Amazing how the whole world is using Khansaheeb's strategy. Surely I should be given a Nobel price for boosting world economy along with President Xi for implementing it.

 

[Globenim]

Everyone knows they are going to do squat about infrastructure and its just a public excuse for foreign intervention, meddling, bribes, blackmail, arms sales and doing everything but getting them out of debt and build a backbone for development.

Like as if you could counter Chinese near shore infrastructure development with more infrastructure development.

 

[northeast]

China have began belt and road almost 10 years before, now finally the west try to copycat china? where is the creativity the west always brag about? Nothing will be achieved by these clown countries unless they outsourcing their projects to chinese companies considering their productivity ,lol. The west is becoming so ridiculous and insecure day by day.

 

[OIO]

China have began belt and road almost 10 years before, now finally the west try to copycat china? where is the creativity the west always brag about? Nothing will be achieved by these clown countries unless they outsourcing their projects to chinese companies considering their productivity ,lol. The west is becoming so ridiculous and insecure day by day.

The West does not have the will, funds, or ability to help developing countries build infrastructure. These slogans they say are the same as in the domestic elections, don't take it seriously.

 

[8888888888888]

No money is what will out come of this.