Italy is preparing to become the first G7 country to formally endorse China’s controversial Belt and Road global investment drive, in a move that has drawn a sharp response from the White House and is likely to cause alarm in Brussels.
Michele Geraci, undersecretary in the economic development ministry, told the Financial Times that Rome planned to sign a memorandum of understanding to support the contentious infrastructure programme by the end of March during a visit by Chinese President Xi Jinping to Italy.
“The negotiation is not over yet, but it is possible that it will be concluded in time for [Xi’s] visit,” Mr Geraci said in an interview. “We want to make sure that ‘Made in Italy’ products can have more success in terms of export volume to China, which is the fastest-growing market in the world.”