ONE year ago, Italy became the first member in the G7 group to sign a memorandum of understanding (MoU) to join the Belt and Road Initiative.
President Xi Jinping’s state visit to Italy in March last year has reaped great results. Michele Geraci, undersecretary of economy at the time, who was, among other things, responsible for international commerce, and a supporter of the MoU, declared, “The specific results of this agreement will depend on how the tasks related to international commerce are managed, from the Ministry of Economy to the Ministry of Foreign Affairs.”
A Necessary Dialogue
The economy is not everything. Without a dialogue between the two countries’ financial institutions, it would be impossible to move forward successfully. Therefore, Italy has simultaneously undertaken negotiations based on the acceleration of Chinese reforms, specifically on the financial side.
An example of this is the new Foreign Investment Law that Beijing approved in March last year during the plenary meetings of the National People’s Congress.
During the meetings at the G20 summit 2019, Chinese Minister of Finance Liu Kun and Italian Minister of Economy and Finance Giovanni Tria signed the MoU on Financial Dialogue. In July last year, this agreement was further boosted in Milan during the first bilateral financial forum, that saw the two stakeholders engage in a long-term action plan. The role of the Deposit and Loan Fund (CDP, its acronym in Italian) – the Italian sovereign wealth fund – was also crucial as it devised a specific strategy for China.
This story is from the May 2020 edition of China Today (English).
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This story is from the May 2020 edition of China Today (English).
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