Giorgia Meloni Meets Xi Jinping As Italian PM Seeks 'As Balanced As Possible' Trade Relations With China
In a bid to rebalance trade ties, Italian Prime Minister Giorgia Meloni has embarked on a visit to China.
What Happened: During her inaugural visit as Prime Minister, Meloni stressed the need for a more equitable trade relationship, Reuters reported on Tuesday. She noted that Italy’s investment in China is thrice the amount of China’s investment in Italy. She also voiced Italy’s ambition to eradicate hurdles for its products in the Chinese market.
Meloni’s trip carries strategic significance as Italy has previously aligned with Beijing and could potentially act as a balancing voice within the European Union. The EU is contemplating imposing additional tariffs on Chinese electric vehicles, a move Italy has hinted it might support.
Despite withdrawing from China’s Belt and Road infrastructure investment scheme under U.S. pressure last year, Italy continues to express its interest in fostering trade ties with the world’s second-largest economy.
See Also: AI Earthquake: Semiconductors Suffer Worst Selloff In Years On Stricter US Chip Exports To China
During her meeting with Chinese President Xi Jinping, Meloni did not specifically discuss the prospect of Chinese automakers opening factories in Italy. However, she did mention that “the issue of electric mobility is one of the topics included in our memorandum of industrial cooperation.”
She also underscored Italy’s significant role in China’s relations with the EU and expressed hope for trade relations that are “as balanced as possible.”
Why It Matters: Despite China’s increasing aggression in the South China Sea region, its significance in the global economy is undeniable, as it accounts for 19% of the global GDP and 48% of Asia's GDP. This was emphasized by Sjoerd Leenart, JPMorgan Asia Pacific CEO, during the 20th annual Global China Summit in Shanghai in May.
China has been a central topic in global discussions, including the G7 summit in Italy in June, where concerns about China’s excessive industrial capacity and support for Russia’s war efforts were raised.
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
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Posted-In: China Giorgia Meloni italy Pooja RajkumariNews Politics Global General
