The G7 nations have adopted a rival plan to China's Belt and Road Initiative, which has been strongly backed by the Biden administration. 

The project is named "Build Back Better World" and it has been hoped that the initiative would assist in maintaining the "strategic competition" with China and keep the American influence intact.

China's Belt and Road initiative has been criticized by the US and the west saying that the country is using BRI to keep its influence in the lower and lower-middle-income countries across Asia and Europe. The new G7 initiative, known as B3W, now hopes to counter the influence.

President Xi Jinping launched the BRI in 2013 to significantly expand China's economic and political influence, with many of the infrastructure plans seen as helping deliver its goods globally.

China denies any ulterior motives to the vast investment project.

But critics argue it uses the financial leverage arising from the scheme to boost its clout, in what they dub "debt-trap diplomacy".