Belt and Road Initiative (BRI):
- Proposed in 2013, China’s BRI is a transcontinental project that focuses on infrastructure investment and projects that promote regional cooperation, development and connectivity.
- China presents it as a win-win relationship aimed at mutual growth. But there are suspicions regarding China’s motivations – it’s seen as a way for China to embed its global influence – and it could make participants dependent on China.
Italy and BRI:
- Having re-entered a recession at the end of 2018, Italy, the eurozone’s third largest economy is welcoming China’s President Xi Jinping for a three-day state visit.
- While there, Italy is expected to sign a memorandum of understanding – making it the 124th nation to sign up for BRI. Italy wants to enhance its “Made in Italy” brand through increasing trade – especially in the form of exports – to China.
- Analysis:
- Italy’s status as a G7 country is a coup for the Chinese leadership and the legitimacy of the BRI. The prospect of Italy’s participation underscores growing fault lines in the EU’s joint approach to China.
- Four years ago, we saw Italy, France and Germany join China’s AIIB, contrary to US wishes. Therefore, Italy is neither the first, nor will it be the last European economy to follow its own national interest with regard to China.
