China Promotes 'Belt and Road' Initiative to Italy Amid Agreement Uncertainty

06 Sep, 2023

China Promotes 'Belt and Road' Initiative to Italy Amid Agreement Uncertainty

China's foreign minister is actively promoting the advantages of the "Belt and Road" initiative, a flagship project by Chinese leader Xi Jinping that focuses on constructing and financing infrastructure projects, to his Italian counterpart. This initiative is being discussed at a time when Rome is deliberating whether to renew their agreement with China.

During their meeting on Monday, Wang Yi highlighted to Antonio Tajani that bilateral trade between the two nations had escalated from US$50 billion to almost $80 billion. Additionally, he mentioned that Italy's exports to China had experienced a substantial growth of approximately 30% over the past five years.

While these statistics are presented, it's important to note that they have not been independently verified. Italy's conservative government has expressed skepticism regarding the benefits of the ongoing arrangement.

In 2019, Italy stood out as the sole European country to commit to the "Belt and Road" initiative when it was led by then-Prime Minister Giuseppe Conte. However, as the agreement approaches its renewal at the end of the year, it is not anticipated to be extended.

China's state-run Xinhua News Agency quoted Wang Yi as emphasizing the importance of China and Italy maintaining a harmonious relationship, characterized by mutual respect and trust, especially in the face of geopolitical challenges. He expressed China's readiness to facilitate the steady development of China-Italy relations.

Italian news agency ANSA quoted Tajani affirming Italy's support for dialogue with Beijing at the European Union level and advocating for candid, open discussions centered on principles and rights.

China has been promoting the "Belt and Road" initiative, often referred to as the BRI, as a successful means of improving infrastructure in underdeveloped nations. However, critics argue that BRI projects have often resulted in vanity projects in countries that needed poverty alleviation and basic services. Furthermore, these projects have left local governments burdened with substantial debts owed to Chinese state banks, with contract details often shrouded in secrecy.