The Partnership for Global Infrastructure and Investment: An Alternative for China’s Belt and Road Initiative?
In June 2022, the Group of Seven (G-7) leaders unveiled the Partnership for Global Infrastructure and Investment (PGII) during their Elmau summit in Germany to mobilize $600 billion in funding for the developing world. Based on a theoretical and comparative analysis of the respective progress of ove...
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| Format: | Article |
| Language: | English |
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World Century Publishing Corporation
2022-01-01
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| Series: | China Quarterly of International Strategic Studies |
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| Online Access: | https://www.worldscientific.com/doi/10.1142/S2377740022500087 |
| Summary: | In June 2022, the Group of Seven (G-7) leaders unveiled the Partnership for Global Infrastructure and Investment (PGII) during their Elmau summit in Germany to mobilize $600 billion in funding for the developing world. Based on a theoretical and comparative analysis of the respective progress of overseas infrastructure-building by China and G-7 nations, this paper argues that the implementation of the PGII will be less successful due to its inherent flaws including the limits of the public–private partnership (PPP) model, the under-performance of G-7 construction companies, the political uncertainties of the Ukraine crisis, and the fund-raising paradox. Therefore, it is very likely that the PGII will remain a fancy on paper with few achievements. Also, the PGII could fail to address the actual needs of developing countries especially those low-income ones as it is designed to play a hidden role as a counterbalance to China’s Belt and Road Initiative (BRI). |
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| ISSN: | 2377-7400 2377-7419 |