Italy has signed a memorandum of understanding with China in support of Beijing’s “Belt and Road” initiative, which aims to weave a network of ports, bridges and power plants linking China with Africa, Europe and beyond.
Premier Giuseppe Conte and Chinese President Xi Jinping shook hands during a ceremony in Rome on Saturday, after 29 separate sections of the memorandum were signed by members of both governments.
With the memorandum, Italy becomes the first member of the Group of Seven major economies that includes the United States, to join Belt and Road, following Portugal’s embrace of the initiative in December.
Italy’s involvement gives China a crucial inroad into Western Europe and a symbolic boost in its economic tug-of-war with Washington
BY CNBC NEWS
