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. Meloni, who has led a right-wing government since 2022, 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.
Meloni emphasized that her five-day trip was a "demonstration of the will to begin a new phase, to relaunch our bilateral cooperation." The action plan aims to experiment with new forms of cooperation, she added in a video shown on Italy's RAI state television network.
The industrial cooperation memorandum signed by Italy and China "includes strategic industrial sectors such as electric mobility and renewables," Meloni said later in the day. She sees Chinese investment as a way to spur Italy's anemic economic growth and plans to meet Xi Jinping and Zhao Leji, China's top legislator and third in the leadership hierarchy, during her visit.
In addition to her political engagements, Meloni attended an Italy-China business forum, where representatives from major Italian companies, including tyre-maker Pirelli, energy group ENI, defense group Leonardo, wine producers, and luxury fashion brands like Dolce & Gabbana, were invited. The forum aims to balance mutual interests and commercial exchanges between the two countries.
Meloni's government, which withdrew from the Belt and Road Initiative (BRI) last year under U.S. pressure over concerns about Beijing's economic reach, now seeks to clarify misunderstandings and strengthen economic ties. In 2019, Italy became the only Group of Seven countries to join the massive BRI, but the deal was later deemed unbeneficial by Meloni's government, noting that Italy's trade with China, worth 66.8 billion euros ($80 billion) in 2023, is heavily tilted in Beijing's favor.Â
During the business forum, Chinese Premier Li Qiang encouraged a win-win mentality, increasing trade and investment cooperation to make the partnership more dynamic and sustainable. Meloni is also expected to discuss issues such as Chinese overcapacity and economic support for Russia in its war with Ukraine.
Italian foreign direct investment in China totals 15 billion euros ($16 billion), with over 1,600 Italian companies active, especially in textiles, mechanical engineering, pharmaceuticals, energy, and heavy industries. However, Italy has supported the European Commission's decision to impose provisional tariffs of up to 37.6% on electric vehicles imported from China, leading to retaliatory investigations by Beijing into European brandy and pork.
G7 members, including Italy, pledged last month to continue protecting their businesses from what they consider unfair Chinese trade practices. Meloni's trip to China represents a crucial step in reshaping Italy's economic and diplomatic relations with Beijing while navigating the complex landscape of international trade and politics.
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