{"id":9743,"date":"2023-09-10T15:46:55","date_gmt":"2023-09-10T15:46:55","guid":{"rendered":"https:\/\/prosfunds.com\/business\/meloni-calls-for-mutually-beneficial-china-trade-as-belt-road-decision-looms\/"},"modified":"2023-09-10T15:46:56","modified_gmt":"2023-09-10T15:46:56","slug":"meloni-calls-for-mutually-beneficial-china-trade-as-belt-road-decision-looms","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=9743","title":{"rendered":"Meloni calls for \u2018mutually beneficial\u2019 China trade as Belt &#038; Road decision looms"},"content":{"rendered":"<div>\n<p>Receive free Belt and Road Initiative updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>We\u2019ll send you a <i>myFT Daily Digest<\/i> email rounding up the latest<!-- --> <!-- -->Belt and Road Initiative<!-- --> news every morning.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=15249b54-2459-4126-8fbf-780599cf30ad&amp;concept-id=017a36cd-82e2-4f8d-ac0f-a8c7a3eb97d7\"><\/iframe><\/div>\n<div data-attribute=\"article-content-body\">\n<p>Italy\u2019s prime minister Giorgia Meloni has said Rome wants to forge stronger ties with China, even as it considers pulling out of Beijing\u2019s controversial Belt &amp; Road Initiative in the coming months.<\/p>\n<p>\u201cThe issue is how to ensure a partnership that can be mutually beneficial, regardless of the choices we make on the BRI,\u201d Meloni said in a press conference on Sunday in New Delhi, at the end of the G20 summit.<\/p>\n<p>Meloni met Chinese Premier Li Qiang on the margins of the summit to discuss the future of Italian-Chinese relations, as her government reconsiders Italy\u2019s participation in President Xi Jinping\u2019s flagship foreign policy initiative.<\/p>\n<p>Italy\u2019s 2019 decision to sign-up to the BRI \u2014 the only G7 nation to have joined the Chinese trade and infrastructure scheme \u2014 dismayed Rome\u2019s western allies, especially Washington, and Meloni has in the past called the move, which was\u00a0made by a previous government,\u00a0\u201ca mistake\u201d. <\/p>\n<p>Italian officials say Rome is now seeking to extricate itself from BRI without provoking Chinese wrath or retaliation, and to find alternative ways to deepen economic ties. <\/p>\n<p>Meloni signalled her government\u2019s intent to recalibrate relations with Beijing in June, when it restricted Chinese chemical giant Sinochem\u2019s shareholder rights in the Milan-listed tyremaker Pirelli, citing national security concerns. <\/p>\n<p>Meloni noted the \u201cfriendly and constructive atmosphere\u201d of her weekend talks with Li, saying several European countries that never joined the BRI had nevertheless \u201cmanaged to forge more beneficial relationships with China than we did\u201d.<\/p>\n<p>She reiterated her intent to visit China, but said dates would not be fixed until the countries had reached an understanding on their bilateral co-operation and \u201chow to strengthen it\u201d.\u00a0<\/p>\n<p>China\u2019s state news agency Xinhua said Li had told Meloni that Beijing hoped Italy would \u201cprovide a fair, just and non-discriminatory business environment for Chinese companies\u201d. The report made no specific mention of Pirelli. <\/p>\n<p>China has been trying to persuade Italy not to pull out of the BRI, with foreign minister Wang Yi telling his visiting Italian counterpart Antonio Tajani last week that over the past five years their bilateral trade had increased to nearly $80bn from $50bn.<\/p>\n<p>Wang also told Tajanai that \u201cChina and Italy should adhere to the right way of getting along with each other\u201d, with mutual respect and trust, despite geopolitical tensions, Xinhua reported.\u00a0<\/p>\n<p>In an article on Tajani\u2019s visit, the state-run China Daily quoted an analyst blaming the US for pressuring Italy to withdraw from the BRI. <\/p>\n<p>Italy\u2019s BRI membership will be automatically renewed for five years in 2024, unless Rome formally notifies Beijing of its intent to pull out in the coming months.\u00a0<\/p>\n<p>Michele Geraci, who as a former under-secretary in Italy\u2019s ministry of economic development advocated for Rome\u2019s joining up to the BRI, has publicly argued that Meloni\u2019s government has no real strategy to deal with Beijing and that Italian companies and citizens who work with China would pay a heavy price if Rome pulls out of the programme.<\/p>\n<p>Meanwhile, EU council president Charles Michel, who met with Li separately in New Delhi, said afterwards that there was a \u201cshared interest\u201d in holding a EU-China summit before the end of this year, but that \u201chigh-level sectoral dialogues\u201d were necessary to prepare for it.<\/p>\n<p><em>Additional reporting by Henry Foy in New Delhi<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/15249b54-2459-4126-8fbf-780599cf30ad\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Receive free Belt and Road Initiative updates We\u2019ll send you a myFT Daily Digest email rounding up the latest Belt and Road Initiative news every morning. Italy\u2019s prime minister Giorgia Meloni has said Rome wants to forge stronger ties with China, even as it considers pulling out of Beijing\u2019s controversial Belt &amp; Road Initiative in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-9743","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Meloni calls for \u2018mutually beneficial\u2019 China trade as Belt &amp; Road decision looms | Prosfunds<\/title>\n<meta name=\"description\" content=\"Receive free Belt and Road Initiative updatesWe\u2019ll send you a myFT Daily Digest email rounding up the latest Belt and Road Initiative news every morning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=9743\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meloni calls for \u2018mutually beneficial\u2019 China trade as Belt &amp; 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