United States President Joe Biden and his Chinese counterpart Xi Jinping have revealed contrasting plans worth $100 billion each.
Biden will ask the US Congress $100 billion as military assistance for Ukraine and Israel in their war against Russia and Hamas, respectively, Bloomberg reported.
On Tuesday, Biden called key allies to reassure them of continued US military aid for Ukraine, even as the White House warned the flow would dry up in months if Republicans in Congress block new funds.
The US has also been under pressure to support its historic ally Israel, at war with Hamas. Democratic Senate Majority Leader Chuck Schumer said Tuesday he will be working to approve an aid package for Israel that will include military, humanitarian, intelligence and diplomatic help, he said.
Part of the $100 billion will also be for Taiwan related to its self-defense in the face of intensified saber-rattling from China, which considers the island its province that has to be reunified with the mainland by force if needed.
The requested amount also covers funding for the migration crisis at the US-Mexico border, which Republicans want to tighten controls on the southern border amid the ongoing influx of Latin Americans trying to enter the country.
Meanwhile, Xi said Wednesday that key Belt and Road Initiative lenders, China Development Bank and Export-Import Bank, will now offer an additional $100 billion in loans.
Both will set up financing opportunities of 350 billion yuan ($47.9 billion) for BRI projects, he said.
An additional 80 billion yuan will be injected into the project’s official lending institution, the Silk Road fund, Xi said.
Beijing has been forced to hand out billions of dollars in bailout loans to BRI countries in recent years to allow the countries to extend their loans and remain solvent, according to a joint report this year by the World Bank and other institutions.
And China said this month that BRI participants owe more than $300 billion to the Export-Import Bank of China.