Giorgia Meloni has flown to China for a strategic visit in this complex and conflictual geopolitical context, especially in relations between the West and the dragon.
The Prime Minister will be on a mission in the Asian power until July 31, in her first trip to the country since taking office, with the aim of improving trade exchanges with a crucial partner despite all international political tensions.
Meloni is expected to meet with Chinese President Xi Jinping and Premier Li Qiang.
Companies invited to the Italy-China Business Forum in Beijing on Sunday and Monday include important names from the national industrial landscape such as Italian tire manufacturer Pirelli, energy group ENI, defense group Leonardo, wine producers, and several Italian luxury fashion groups including Dolce & Gabbana.
The meeting takes place in a very complicated international landscape.
In 2019, Italy became the only G7 country to join the Chinese commercial and infrastructure project known as the Belt and Road Initiative (BRI), only to withdraw last year under US pressure over concerns about Beijing’s economic role.
Despite Italy’s determination to fight against unfair Chinese competition, both countries’ markets still rely on each other.
Commercial relations between Italy, Europe, and China can be summarized in 4 graphs indicating their relevance to the European and national economic system.
There is no doubt that China has gained a significant position in commercial relations with Italy.
Since China joined the World Trade Organization at the end of 2001, the import/export between Rome and Beijing has more than sextupled according to data from spring 2024.
The Chinese market has become crucial not only for Italy but also for other major European economies.
While Italy and France export around €1.5-2 billion worth of goods to China monthly, Germany’s data reaches approximately €8-9 billion, highlighting the importance of the Chinese market for Europe.
Italian analysis shows machinery and electronics are the sectors most involved in imports from China, with textiles, pharmaceuticals, and biomedicals being the main goods exported from Italy to China.
Investment trends reveal a decline in Chinese flows to Italy, dropping from over €40 billion in 2016 to around €10 billion in 2023.
China does not rank among the top ten investing states in Italy anymore.
The automotive sector plays a significant role in the commercial tensions between Europe and China, with the balance shifting towards China exporting more electric cars.
The stakes of the China-Italy meeting go beyond economics.
Meloni will have to balance the need to cooperate with the EU’s tougher stance on trade with China and tensions surrounding Xi’s support for Russian President Putin.
As the EU tightens its position towards China prompted by President Biden, the EU will need to decide its stance between the two largest world economies.
The commerce relations between the EU and China could become even more complicated, affecting Italy as well.
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