Italy’s Prime Minister Giorgia Meloni recently visited China and signed a three-year action plan aimed at implementing past agreements and exploring new forms of cooperation between the two countries. This visit comes after Italy withdrew from China’s Belt and Road Initiative, a global infrastructure initiative led by Chinese President Xi Jinping. Despite this withdrawal, Italy remains eager to cultivate a strong economic relationship with China, particularly in the automotive sector. For example, Stellantis, which owns Italy’s Fiat, has partnered with Chinese electric car startup Leapmotor to begin selling electric vehicles in Europe.
During a meeting with Chinese Premier Li Qiang, Meloni emphasized the importance of their collaborative efforts in a complex global environment. Li, in turn, highlighted China’s ambitions to upgrade its economy, which could create more opportunities for cooperation with Italian businesses. He also pledged to further open Chinese markets, offer fair treatment to foreign companies, and establish a transparent business environment. Meloni echoed these sentiments by emphasizing the signing of an industrial collaboration memorandum focused on sectors such as electric vehicles and renewable energy, where China has already made significant technological advancements.
The visit also reflected Italy’s efforts to reset relations with China amidst fears of a potential trade war with the European Union. Meloni acknowledged the challenges ahead but expressed optimism about the potential benefits of their work together at both a global and multilateral level. While Italy’s decision to withdraw from the Belt and Road Initiative may have strained relations, the country remains committed to fostering economic cooperation with China. As the world’s second-largest economy, China’s economic growth presents opportunities for Italian companies seeking to expand their presence in the Chinese market.
For Chinese businesses operating in Italy, Li emphasized the importance of creating a fair, just, and non-discriminatory business environment. He called for cooperation between China and Italy to ensure that Chinese companies receive equitable treatment while doing business in Italy. This reciprocal approach aims to promote a mutually beneficial relationship where both countries can thrive economically. The memorandum signed by both sides reflects a commitment to advancing industrial collaboration, particularly in cutting-edge sectors like electric vehicles and renewable energy where China has established itself as a global leader.
Meloni’s visit to China served as a platform to reaffirm Italy’s commitment to fostering economic ties with the Asian giant. Despite the complexities in the global economic landscape, both countries are eager to collaborate and explore new opportunities for cooperation. By signing the action plan and industrial collaboration memorandum, Italy and China have laid the groundwork for future engagement in various sectors, including automotive and renewable energy. These agreements underscore the potential for mutual growth and development as both nations navigate the evolving dynamics of the global economy.
