By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
IndebtaIndebta
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
9
Notification Show More
News
Client Challenge
3 hours ago
News
Donald Trump’s escalating attacks on Federal Reserve unnerve investors
5 hours ago
News
Spain overtakes Germany as top EU asylum destination
6 hours ago
News
Brussels stalls probe into Elon Musk’s X amid US trade talks
7 hours ago
News
The fight to revive Europe’s shrinking rural areas
8 hours ago
News
Should China adopt a zero interest rate?
9 hours ago
Videos
3 things that are making buying a home really hard
10 hours ago
News
China’s Belt and Road investment and construction activity hits record
11 hours ago
Videos
Why Blackstone Is Buying Homes In The U.S. Again
11 hours ago
Aa
IndebtaIndebta
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
Indebta > News > Italy’s Giorgia Meloni visits China to reset ties
News

Italy’s Giorgia Meloni visits China to reset ties

News Room
Last updated: 2024/07/28 at 1:20 AM
By News Room
Share
6 Min Read
SHARE

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Italian Prime Minister Giorgia Meloni has arrived in China for a four-day official visit to reset relations following her dramatic decision last year to pull Italy out of Beijing’s flagship Belt and Road Initiative.  

The Italian premier will meet Chinese President Xi Jinping and Premier Li Qiang as the two countries seek to stabilise ties after recent turbulence.

Meloni is keen to minimise the fallout from Rome’s withdrawal from the BRI, a $1tn global infrastructure investment scheme that Italy joined in 2019 to the chagrin of the US and other western allies.  

Meloni herself had publicly criticised then-prime minister Giuseppe Conte’s decision to sign up to Xi’s flagship initiative as a “mistake”, and her government formally notified Beijing it wanted to pull out of the programme in December, just before Italy assumed the G7 presidency. 

Many Italian companies still fear Beijing could retaliate against them for the decision, though Rome tried to limit the damage by carefully choreographing a low-key exit in which Meloni emphasised Italy’s determination to maintain “mutually beneficial” relations.

“We need to preserve our relationship with China, given that the economic sustainability of Italian exports is dependent on the quality of relations with China,” said Giuliano Noci of Politecnico di Milano’s School of Management. 

“This visit has an economic importance for Italy,” he added. “It is to say that, it’s true that we exited from the BRI, but we recognise China’s specific status, and we aim to nurture a strategic dialogue.”

Michele Geraci, a former senior Italian government official who championed Rome’s joining the BRI in 2019 and now frequently teaches in China, said Beijing would also probably be keen to leave recent setbacks behind.

“China’s goal will be to pretend that everything is smooth,” he said. “They have no great interest in highlighting that Italy exited the BRI. They don’t like it, but they don’t want to make a big fuss.”

Shortly before Meloni’s arrival, the Global Times, a Chinese Communist party newspaper, blamed Washington for Italy’s BRI exit and said economic and trade ties remained strong. 

“Italy’s withdrawal from the BRI was not due to a reluctance to co-operate with China or Meloni’s own political beliefs, but rather due to the huge pressure from the US and other major Western powers at the time,” the newspaper cited an analyst as saying.

Column chart of €bn showing Italian imports from China fell in 2023

Beijing is keen to court European governments to exploit any differences between them and the US over issues ranging from Ukraine to trade and export controls.

Cui Hongjian, an analyst at China Institute of International Studies Research institute, said Beijing would also probably raise Italy’s support for European Union tariffs on Chinese electric vehicles.

But its main priority would be to stabilise the relationship in the face of geopolitical uncertainties, including those stemming from the US election. China would tell the Italian side “we need some more resilience in the relationship”, he said.

Yet Meloni herself has always viewed China warily, accusing it of unfair trade practices and warning of a potential risk to Europe from over-dependence on Chinese companies in strategic supply chains.  

As a youth minister in the government of late prime minister Silvio Berlusconi, she urged Italian athletes to boycott the opening ceremony of the 2008 Beijing Olympics in protest at China’s human rights record, especially in Tibet.

More recently, her government invoked national security concerns to strip China’s Sinochem of its influence as the largest shareholder in Italian tyremaker Pirelli, and Italy supports the imposition of steep EU tariffs on China’s electric vehicles.

During Meloni’s current visit, the countries will mark the 700th anniversary of the death of Italian explorer Marco Polo as well as the 20th anniversary of a “comprehensive strategic partnership” signed by Berlusconi and bilateral trade that was worth €66.8bn last year, albeit tilted heavily in favour of Beijing.

But Geraci said the trip was unlikely to result in much substance. “She will be welcomed with a red carpet, as is normal, but there is a strong belief in the Chinese government that she is not in favour of doing business with China,” Geraci said.

“It’s like: you are my girlfriend, you want to split up with me, but you say you still want to be friends,” he concluded. “So what do I say? You are still pretty. But you want to split up with me.”

Read the full article here

News Room July 28, 2024 July 28, 2024
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Client Challenge

Client Challenge JavaScript is disabled in your browser. Please enable JavaScript to…

Donald Trump’s escalating attacks on Federal Reserve unnerve investors

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Spain overtakes Germany as top EU asylum destination

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Brussels stalls probe into Elon Musk’s X amid US trade talks

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

The fight to revive Europe’s shrinking rural areas

Nicolás de la Fuente, a 92-year-old walking his dog on the desolate…

- Advertisement -
Ad imageAd image

You Might Also Like

News

Client Challenge

By News Room
News

Donald Trump’s escalating attacks on Federal Reserve unnerve investors

By News Room
News

Spain overtakes Germany as top EU asylum destination

By News Room
News

Brussels stalls probe into Elon Musk’s X amid US trade talks

By News Room
News

The fight to revive Europe’s shrinking rural areas

By News Room
News

Should China adopt a zero interest rate?

By News Room
News

China’s Belt and Road investment and construction activity hits record

By News Room
News

Von der Leyen botches €2tn EU budget proposal with chaotic infighting

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?