During the meeting that took place on July 29 in Beijing between Prime Minister Giorgia Meloni and Chinese President Xi Jinping, several topics regarding international politics were discussed, from the war in Ukraine to the crisis in the Middle East. However, the focus was placed on the economy, and what best highlights the outcome of these talks is the signing of the 2024-2027 triennial action plan, a strategic agreement signed by the Italian prime minister and Chinese Premier Li Qiang, later confirmed during the conference with the Chinese president.
During this latest meeting, Xi Jinping mentioned the “spirit of the Silk Road“, but he was not referring to the 2019 memorandum, signed during the government of Giuseppe Conte. That agreement aimed to strengthen economic and trade ties between Italy and China, promoting infrastructure investments and projects related to the Belt and Road Initiative (Bri). However, the initiative had drawn skepticism in Europe due to fears of excessive Chinese influence in the Western market, a concern that had led the government led by Giorgia Meloni to withdraw from the agreement last December. Xi Jinping, therefore, referred to a “road” that, according to the Italian prime minister, has “always remained passable” despite the difficulties.
On the other hand, the Chinese market represents about one percentage point of GDP for Italy: it is unthinkable to throw everything away just because Beijing has not always favored the “mutual respect of rules“. Direct investments in China amount to 15 billion euros, significantly impacting the manufacturing sector. However, there is also a potential untapped export of 4.4 billion euros for consumer and capital goods.
What the agreement consists of
The triennial action plan signed on Sunday aims to “enhance the work we have already done but also explore new forms of cooperation while working for a balancing of trade relations.” On this, Xi said he is “willing to cooperate” with Italy “to promote the optimization and improvement of cooperation in economic and trade investments, industrial production, technological innovation, and third markets, as well as explore cooperation in emerging areas such as electric vehicles and artificial intelligence.”
Among the most recent agreements is one between the Ministry of Enterprise and Made in Italy (Mimit) and the Chinese Ministry of Industry, which aims to improve industrial cooperation through information exchanges and support for businesses. Another agreement focuses on regulating geographical indications and combatting counterfeiting through the exchange of information on regulatory frameworks and conferences between the Italian Ministry of Agriculture and the Chinese State Administration for Market Regulation.
Regarding education, a program has been established between the Ministry of Foreign Affairs (Maeci) and the Chinese Ministry of Education to expand academic mobility and training. In the field of food safety, the agreement between the Ministry of Health and the Chinese State Administration for Market Regulation (Samr) includes information exchanges to improve the safety of food chains. Lastly, the agreement between the Ministry of Environment and Energy Security (Mase) and the Chinese Ministry of Ecology aims to strengthen cooperation on environmental issues such as climate change, biodiversity, and pollution, promoting dialogue and joint activities.