Italy has joined the Chinese megaproject of a "New Silk Road", despite concerns from key EU partners, as the first of the major G7 industrialized countries. Prime Minister Giuseppe Conte and Chinese President Xi Jinping shook hands during the ceremony to sign a memorandum of understanding.
China plans to use the infrastructure project to invest billions in ports, roads, railways, telecom networks and airports in dozens of countries. New economic and trade corridors are to be created in Europe, Africa and Latin America, as well as within Asia.
Large EU partners and the US have concerns. They criticize, among other things, lack of transparency and unfair competitive conditions. They also fear that China will continue to strengthen its global drive for power.
Xi also meets Emmanuel Macron and Angela Merkel
Several agreements with companies and ministries have now been signed in Rome. This includes investment in the ports of Trieste and Genoa as well as an agreement to export Italian oranges.
Xi travels after his visit to Italy on Sunday via Monaco to France. On Tuesday, the Communist leader in Paris meets French President Emmanuel Macron, Chancellor Angela Merkel and EU Commission President Jean-Claude Juncker.
The "New Silk Road" has already joined dozens of countries, including EU countries such as Greece, Poland and Hungary. Italy's historic partners Germany and France, however, have decided against it. Merkel had not explicitly criticized Italy's commitment at the EU summit in Brussels. However, she said, "that it is even better if you act consistently".
The "Silk Road" is one of the most important projects of the Xi government, which could remain in office for a constitutional amendment until the end of its life. All in all, the People's Republic wants to invest 900 billion dollars in infrastructure projects in Eurasia. (Read more about this topic here.)