The G7, the group of seven rich industrialized countries, supports a new global plan to help poorer countries build various types of infrastructure.
According to the White House, this is an attempt to challenge China's so-called Belt and Road initiative, which has seen the Chinese gain influence in many developing countries and emerging economies since 2013.
The aim is for the G7 countries, including the US, Germany, Japan and the UK, and allies to fundraise and find investors for a variety of projects in the areas of climate, health, digital technology and gender equality.
But it is not yet clear exactly what amounts will be involved.
A source from
pointed out that Germany, for example, is not yet a big supporter of the initiative.
That would be because, according to Germany, other similar initiatives already exist.
Germany also does not want to talk about amounts yet.
"This isn't just about confronting or taking on China," a senior US government official said.
"But so far we have not offered a positive alternative that reflects our values, our standards and the way we do business."
For the United States, curbing China, with which the country has several conflicts, is a key topic at the G7 summit in Cornwall.
It has also emerged that Biden has asked the other G7 countries to take a stand against forced labor in China.
China itself is not a member of the influential country club.