A new economic war
The G-7 Summit in Cornwall (UK) from June 11-13, 2021 was the first big step towards possible economic confrontation and cold war with China, although there have been some strong indications for such a start.
The leaders at the Summit have committed themselves to go for Build Back Better World (B3W) to offset China’s influence in world affairs through the Belt and Road Initiative (BRI). The B3W plan is supposed to help fill a gap of $40 trillion infrastructure deficiency being faced by developing countries by 2035. It seems as if a new economic war in the shape of a cold war between the US and China is in the offing.
The Chinese economy started picking up in the early 1980s when Deng Xiaoping introduced economic reforms through which China ultimately attained second position (after the American economy). China’s economic successes have compelled Western countries to…