China remains willing to work with Italy to improve trade and investment ties, the commerce ministry said on Thursday, even as the only Group of Seven power to join the Belt and Road Initiative (BRI) considers quitting the Beijing-led scheme.
Italy considers it has not reaped sufficient benefit from the deal and has until December to formally withdraw.
The hugely ambitious project, which envisions rebuilding the historic Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending, otherwise its membership will roll over for another five years.
"China is willing to work with Italy to continue to deepen mutually beneficial cooperation, explore opportunities for potential trade and investment... and promote further development of the China-Italy comprehensive strategic partnership," said He Yadong, a commerce ministry spokesperson.
The two countries signed a memorandum of understanding to advance BRI construction during a visit by Chinese President Xi Jinping to Rome in 2019, but trade flows between the two countries have not improved as Italy had hoped.
SENSITIVE DIPLOMACY
Italy's trade deficit with China grew by 22.3 billion euros ($23.9 billion) between 2019 and 2022, according to the Italian Ministry of Foreign Affairs.
Italian Deputy Prime Minister Antonio Tajani told China's Foreign Minister Wang Yi on Monday at a meeting in Beijing that the Silk Road did not bring the results expected.
China invested in 24 projects in Italy between 2014 and 2020, according to data compiled by the American Enterprise Institute think tank, worth $22.27 billion in total, ranging from shares in football clubs AC Milan and Inter Milan to telecoms companies and the postal service.
Any loss of the erstwhile terminus of the old Silk Road would be diplomatically embarrassing for China, which has expected to mark the achievements of the Belt and Road initiative at an international forum in Beijing in October.
So far, 90 countries have confirmed attendance, China's foreign ministry announced on Thursday.
($1 = 0.9333 euros)
