- Italy’s Prime Minister, Giorgia Meloni, visited Beijing and announced the signing of a three-year action plan between Italy and China to implement previous agreements and explore innovative collaboration.
- Meloni aims to improve ties between the two nations following Italy’s exit from China’s Belt and Road Initiative, amid rising concerns of a trade war between China and the EU.
- The memorandum on industrial collaboration for three years focuses on enhancing cooperation in the electric vehicle and renewable energy sectors.
On Sunday, during her official visit to the Chinese capital, Italy and China formalized a three-year action plan according to Italy’s Prime Minister Giorgia Meloni.
Meloni is working to reboot relations with China against the backdrop of worries regarding a trade war with the European Union, while still showing interest in attracting investment from China in industries like auto manufacturing.
“We certainly have significant work ahead of us, and I believe this effort will prove beneficial in the current complex global climate and also at a multilateral level,” she remarked at the commencement of her meeting with Chinese Premier Li Qiang.
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Her five-day visit follows Italy’s withdrawal from China’s Belt and Road Initiative, a flagship project aimed at enhancing global trade through the development of infrastructure, as championed by Chinese leader Xi Jinping.
Nonetheless, Italy is eager to maintain a robust economic relationship with China. Stellantis, which includes Italy’s Fiat, announced in May a new joint venture with Chinese electric vehicle startup Leapmotor, aiming to sell EVs in Europe.
Li addressed business leaders from both Italy and China post-meeting, stating that China’s economic upgrade initiatives will spur demand for high-quality products and broaden collaboration opportunities between the two countries’ companies.
Italy’s Prime Minister Giorgia Meloni shakes hands with Chinese Premier Li Qiang in Beijing, on July 28, 2024, ahead of a forum with Italian and Chinese business leaders. (Filippo Attili/Italian Premier Press Office Via AP)
Li promised to further open Chinese markets, ensure equitable treatment for foreign companies, and establish a transparent and predictable business environment, addressing common concerns raised by businesses operating within the world’s second-largest economy.
“Simultaneously, we hope that the Italian side will collaborate with China to create a more equitable, just, and non-discriminatory business environment for Chinese firms in Italy,” he expressed.
Meloni informed business leaders that the two countries have signed an industrial collaboration memorandum that encompasses electric vehicles and renewable energy, sectors in which she mentioned China has been at the technological forefront for quite some time and is now sharing these new realms of knowledge with partners.
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The electric vehicle sector has also become emblematic of the rising trade tensions between China and the EU, particularly after the European Union imposed provisional tariffs of up to 37.6% on imported electric vehicles from China earlier in July. Talks are ongoing to address this matter by an early November deadline.
In a related development, China initiated an anti-dumping investigation into European pork exports shortly after the EU’s tariff announcement regarding Chinese EVs.
Meloni’s arrival in Beijing on Saturday marks her first visit to China as Prime Minister. She has previously engaged in discussions with Li, meeting in New Delhi last September during the G-20 summit involving major world leaders.
Italy’s decision to participate in the Belt and Road Initiative in 2019 was viewed as a political victory for China, providing it with a foothold in Western Europe amidst an ongoing trade conflict with the U.S. However, Italy claims the anticipated economic advantages did not materialize and that its involvement created tensions with other Western European nations and the U.S.
