Italy withdraws from China's Belt and Road Initiative, despite warnings from Beijing

Italy is pulling out of a major Chinese global project, which could upset Beijing, Bloomberg reported Wednesday.

Italian Prime Minister Giorgia Meloni said in Beijing that Italy is withdrawing from China's Belt and Road Initiative, citing concerns that it has been ineffective. seconds at Bloomberg. Economic ties between Italy and China have been strained and the latest move to pull out of the Belt and Road is likely to worsen that relationship, with Beijing warning that doing so would have consequences.

China's Belt and Road Initiative, spearhead of Chinese President Xi Jinping, is a network of multi-trillion dollar infrastructure projects connecting more than 140 countries in the Eastern Hemisphere. seconds to the Silk Road Initiative. Foreign Minister Antonio Tajani said on Wednesday that Italy is withdrawing from the project because it “has not produced the desired effects” and is no longer “a priority”, noting that countries that are not part of the project ” have had better results.” ,” according to Bloomberg.

Italy's trade deficit with china according to Bloomberg, it has fallen from roughly $15 billion in negative 2019, when it joined the BRI, to more than $30 billion in 2022. Meloni has been seeking to get Italy out of the BRI for months, but wants the country maintain an economic relationship with Beijing.

“We have every intention of maintaining excellent relations with China even though we are no longer part of the Belt and Road Initiative,” an Italian government source told Reuters.

Italy waited to pull out of the BRI until diplomatic measures were in place so Beijing wouldn't be angered by the decision, but they may be, according to Bloomberg. China's ambassador to Italy, Jia Guide, earlier said there would be “negative consequences” if Italy “recklessly decides” to leave the BRI.

The Italian foreign ministry did not immediately respond to a request for comment.

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