Italy Moves to Weaken China Ties Without Upsetting Beijing

(Bloomberg) -- When Foreign Minister Antonio Tajani travels to China this weekend, he’ll be balancing two competing interests: laying the ground for Italy’s exit from a controversial investment pact with Beijing while also trying to avoid a rupture with the world’s second-largest economy. Most Read from BloombergTesla’s $41,000 Model X Discount Unlocks Subsidies Musk Wanted GoneCovid Is Back. Is It Time to Pull Out Our Masks Again?BMW Unwraps Next-Generation EV to Take on Tesla, China’s BYDJimmy

During a three-day trip starting on Saturday, Prime Minister Giorgia Meloni’s deputy will meet with Chinese Foreign Minister Wang Yi and other officials to discuss the possibility of leaving the Belt and Road Initiative, an investment pact designed to deepen economic ties with allies. Just before boarding a plane to China, Tajani said that the 2019 agreement had fallen short of expectations.

Meloni has said she will visit China in the coming months as part of the outreach started by Tajani. The issue is sensitive, particularly since the Chinese ambassador to Italy had warned there would be “negative consequences” for Rome if it withdrew from the agreement. While imports from China accelerated between 2020 and 2022, following the signing of the Belt and Road memorandum, the trend has been more volatile for exports. After growing almost 20% in 2021, they only rose 5% last year, lagging behind the pace of inflation.

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