BEIJING (REUTERS) - China's foreign ministry said on Wednesday (May 25) a US-backed economic plan for Asia seeks to decouple countries from the Chinese economy, but many countries are worried about the "huge cost" of doing so.

Speaking at a regular press briefing, ministry spokesman Wang Wenbin said the Indo Pacific Economic Framework for Prosperity (IPEF) serves US interests and seeks to exclude other countries.

US President Joe Biden launched this plan on Monday.

Initial founding countries include Australia, Brunei, Indonesia, Japan, New Zealand, Singapore, South Korea, Thailand, Vietnam and the United States, but not China.