BRI VS. B3W: A RIVALRY FOR ECONOMIC HEGEMONY: AN ARCHIVAL RESEARCH

Abstract

The Belt and Road initiative was announced in 2013 under the administration of China’s President, Xi Jinping. It was designed to fulfill the aim of interconnecting Asia, Europe, and Africa through reliable connectivity networks. In reaction to it, the 47th summit of G7 in June 2021 has given a response to this Chinese Initiative with the idea of Build Back Better World (B3W). G7 tried to show that the world can have an alternative to BRI. The main objective of the study was to compare the feasibility of these two massive infrastructural projects. It is a qualitative document analysis of the previously published material on the related theme, that highlighted a competition of economic supremacy between the US and China. The research found that BRI was gaining enough popularity as compared to B3W in the eyes of the world specifically in connecting different regions.