As Russian President Vladimir Putin and Chinese President Xi Jinping opt out of the upcoming Group of 20 (G-20) leaders summit, U.S. President Joe Biden is poised to reestablish U.S. prominence in the global arena.
What Happened: Biden will leverage the opportunity at the G-20 summit in New Delhi to connect with nations previously courted by Russia and China, Bloomberg reported.
Key to Biden’s strategy is a drive to enhance the funding and reach of the World Bank and other development banks, thereby providing an alternative to China’s state-backed lending.
The U.S. president will also advocate for debt relief for impoverished nations and announce financing for new infrastructure projects. These efforts are seen as pivotal for maintaining high labor standards, considering climate implications, and countering Chinese and Russian influence-building endeavors.
National Security Adviser Jake Sullivan voiced confidence in America’s strategic standing, stating, "If you look at the US economy and you look at China's economy, if you look at the US's alliances and the strength that we have built up in the Indo-Pacific and beyond, we feel very good about the strategic position of the United States, in terms of the unfolding competition."
Why It Matters: The success of Biden’s efforts hinges on his health, following First Lady Jill Biden‘s recent positive Covid-19 test and the perceived relevance of the G-20 as a platform to influence the global economy.
Wendy Cutler, Vice President of the Asia Society Policy Institute, expressed that the lineup of this year’s summit in New Delhi further complicates demonstrating its significance. "The absence of Xi Jinping at this year's G-20 meeting underscores how this grouping, once the shiny dime among its competitors, now is struggling to produce meaningful outcomes in the midst of geopolitical tensions," she said.
Xi also encounters mounting domestic difficulties, as his Communist Party grapples with a faltering economy and a surge in youth unemployment. Just last month, President Biden referred to China as a “ticking time bomb,” citing the nation’s economic challenges.
Photo by lev radin on Shutterstock
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