Italian Prime Minister Giorgia Meloni vowed on Sunday to “relaunch” cooperation with China, signing a three-year action plan during her first official visit to Beijing since taking office, Italian news agency ANSA reported.
Meloni made the announcement during a meeting with Chinese Premier Li Qiang, as Rome seeks to improve trade ties with Beijing after it exited President Xi Jinping’s flagship Belt and Road infrastructure investment scheme last year.
The Italian leader said her five-day trip was a “demonstration of the will to begin a new phase, to relaunch our bilateral cooperation”, ANSA reported. The action plan will aim to experiment with new forms of cooperation, she added.
Meloni, who sees Chinese investment as a way to spur Italy’s anaemic economic growth, will meet Xi and China’s top legislator, Zhao Leji, third in the leadership hierarchy.
She also attended an Italy-China business forum, to which companies including Italian tyre-maker Pirelli, energy group ENI, defence group Leonardo, wine producers and several Italian luxury fashion groups such as Dolce & Gabbana were invited.
The forum gives “another signal of the mutual interest… (to) balance more our interests, our commercial exchange,” she said. Meloni is expected to raise Chinese overcapacity with Chinese officials, as well as Chinese economic support for Russia in its war with Ukraine.
“China and Italy should adopt a win-win mentality and increase trade and investment cooperation, making cooperation even more dynamic and sustainable,” said Li at the opening of the forum, according to a video shared by Meloni’s office.
Bilateral trade and industrial agreements are expected to be signed during Meloni’s trip, a source close to the planning has said.
In 2019, Italy became the only Group of Seven country to join the massive Belt and Road Initiative but withdrew last year under US pressure over concerns about Beijing’s economic reach.
Meloni’s government said the deal had brought no benefits to Italy, whose 73.9-billion-euro ($80-billion) annual trade with China, according to latest data, is heavily tilted in Beijing’s favour. China is Italy’s biggest non-EU trading partner after the US.
Chinese state media said the trip aimed at “clarifying some misunderstandings” over Italy’s withdrawal from the Belt and Road and stressing the importance of economic ties.
The Italian government is holding talks with Chinese automakers as part of efforts to attract another major automaker to the country in addition to Stellantis.
The stock of Italian foreign direct investment in China is 15 billion euros, and more than 1,600 Italian companies are active, especially in textiles, mechanical engineering, pharmaceuticals, energy and heavy industries.
However, Italy supported the European Commission’s decision to impose provisional tariffs of up to 37.6 per cent on electric vehicles imported from China.
G7 members, including Italy, pledged last month that they would continue to take actions to protect their businesses from what they consider unfair Chinese trade practices.