Italy and China have signed a three-year action plan aimed at implementing past agreements and exploring new forms of cooperation, according to Italy’s Prime Minister Giorgia Meloni during her official visit to Beijing.
This effort marks a reset in Italy-China relations amidst the backdrop of potential trade tensions with the European Union, while Italy continues to seek Chinese investment in sectors like auto manufacturing. Meloni highlighted the complexity of the global situation and the importance of multilateral cooperation during her meeting with Chinese Premier Li Qiang.
Meloni’s visit comes after Italy’s recent decision to exit China’s Belt and Road Initiative (BRI), a significant global infrastructure project spearheaded by Chinese leader Xi Jinping. Despite this, Italy is committed to maintaining a robust economic relationship with China.
Italy and China Launch Three-Year Action Plan to Boost Cooperation Despite EU Trade Issues
An example of this ongoing collaboration is the joint venture formed between Stellantis, an Italian automaker, and Leapmotor, a Chinese electric vehicle startup, aimed at bringing EVs to the European market.
During a meeting with business leaders, Premier Li Qiang emphasized China’s commitment to upgrading its economy, which he believes will increase demand for high-quality products and create more opportunities for collaboration with Italian companies.
He assured that China would further open its markets, ensure equal treatment for foreign companies, and foster a transparent business environment. Li also urged Italy to create a fair and non-discriminatory environment for Chinese businesses operating in the country.
Meloni highlighted the signing of an industrial collaboration memorandum, focusing on sectors like electric vehicles and renewable energy, where China is already a technological leader.
The discussion also touched on the growing trade tensions between China and the European Union, particularly regarding the EU’s imposition of provisional tariffs on Chinese-made electric vehicles. Both sides are in discussions to resolve these issues by November.
The visit, Meloni’s first to China as Prime Minister, also reflects on the historical context of Italy’s brief membership in the Belt and Road Initiative, which started in 2019.
Initially seen as a significant political victory for China, the expected economic benefits for Italy did not materialize, leading to tensions with other Western European countries and the United States. Despite withdrawing from the BRI, Italy continues to seek productive economic engagements with China.
