BRI helps to boost Italian exports to China
2023-08-02 16:19
▲ Aerial photo taken on Aug 12, 2020 shows a China-Europe freight train leaving for Milan, Italy from the Xinzhu Railway Station in Xi'an, Northwest China's Shaanxi province. [Photo/Xinhua]
However, in recent months, there has been ongoing speculation that Italian Prime Minister Giorgia Meloni's government is considering reversing that decision.
On Sunday, Italian Defense Minister Guido Crosetto attributed this to an alleged increase in trade imbalance between the two countries, saying that the issue today is how to walk back from the initiative "without damaging relations" with Beijing, because China is a partner as well as a competitor.
A spokesperson for the Chinese Foreign Ministry said in a statement on Monday that the BRI provides a new platform for practical cooperation between China and Italy, and Belt and Road cooperation has brought tangible outcomes in the economy, trade and business.
From 2019 to 2021, Italy's exports to China increased by 42 percent, according to Chinese Ambassador to Italy Jia Guide. Bilateral trade reached nearly $78 billion in 2022, and China is also Italy's largest trade partner in Asia.
Wang Shuo, a professor at Beijing Foreign Studies University's School of International Relations, said, "Since the Ukraine crisis, there is a stronger demand for political correctness and unity between the United States and its Western allies."
Wang also said that frequent transitions of power and political divisions have hindered Italy from forming a coherent and consistent view about the BRI.
It is Italy's own decision whether to renew the deal or not, which China may regret but will respect, Wang said.
But amid inflation and economic recession, strengthening Belt and Road cooperation with China is conducive to facilitating bilateral investment and promoting bilateral ties, Ding said.
The deficit does not mean that Italy has "suffered a loss" in trade with China, Jia said, adding that as long as the trade is fair, voluntary and in line with market rules, it will benefit both countries.
Reporter: Zhou Jin