BEIJING: China is renewing its $ 1 billion Belt and Road Initiative (BRI) budget to counter US President Joe Biden’s “Build Back Better World” (B3W) initiative. Biden presented plans for B3W, a process that emphasizes transparency and democracy, at the G-7 summit in June.

The project also seeks to support economic activities in developing countries with the aim of building a “valuable, high-quality and transparent partnership”. However, China rejected any competition with B3W, saying BRI was open to international cooperation.

China said it was welcoming countries to join the BRI and said the campaign was open to international cooperation with the aim of expanding relations. Communist Party of China leader Han Wenshio told a news conference here Friday that the BRI is not only China’s job, but all countries can participate.

Han, an economist and finance minister, was asked if China sees B3W as a BRI competitor? Han said trade between China and BRI countries rose to $ 9,200 billion by 2020, while direct investment by Chinese companies in partner countries reached about $ 140 billion.