Belt and Road: Italy pulls out of flagship Chinese project

Belt and Road: Italy pulls out of flagship Chinese project
Belt and Road: Italy pulls out of flagship Chinese project

We show you our most important and recent visitors news details Belt and Road: Italy pulls out of flagship Chinese project in the following article

Hind Al Soulia - Riyadh - ROME — Italy will pull out of China's flagship Belt and Road Initiative (BRI), the government has confirmed.

Prime Minister Giorgia Meloni's administration notified Beijing that it would cease participating in the BRI ahead of a deadline at the year's end.

Italy was the only major Western nation to sign up to the BRI, one of China's most ambitious trade and infrastructure projects, in 2019.

The move was heavily criticised by the US and others at the time.

Launched by Chinese President Xi Jinping in 2013, the BRI aims to invest an estimated $1tn (£794bn; 925bn euros) across Asia and Europe. Projects including new and upgraded railways and ports aim to connect China with Europe and other parts of Asia.

But the BRI has been criticised from the start by the US as an example of "debt-trap diplomacy". Washington says China's plans involve unsustainably large projects countries are unable to finance, giving Beijing leverage for its own aims.

Italy was the largest of the 18 EU members, particularly in the east and south of the continent, to have signed up to the BRI.

The country's BRI membership was due to renew automatically in March next year unless Italy notified China that it was withdrawing by the end of this year.

Ms Meloni had previously called a former government's decision to join "a serious mistake" and indicated that she was minded to withdraw.

But her government emphasised that it was seeking to maintain good relations with China despite the move.

Only a fraction of the up to 20bn euros worth of investment in Italy promised by Mr Xi in 2019 has materialised.

Italian exports to China were worth 16.4bn euros last year, compared to 13bn euros in 2019.

By contrast, Chinese exports to Italy rose to 57.5bn euros from 31.7bn euros over the same period.

China trades far more with EU members France and Germany, despite the eurozone's two largest economies not being members of the BRI.

Since coming to office last year, Ms Meloni has sought to lead a more pro-Western and pro-Nato foreign policy than her predecessors.

Ms Meloni's move comes ahead of a summit between EU Commission President Ursula von der Leyen and Mr Xi on Thursday. During the meeting, Mrs von der Leyen is expected to warn the Chinese president to curb the supply of cheap goods including solar panels and electric cars to the EU. — BBC

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