Italy’s economy has experienced a significant boost in recent years, thanks to strengthened economic collaboration with China. Following the European sovereign debt crisis in 2009, Italy faced a decade of sluggish recovery, hindered by weak international demand and challenges in upgrading infrastructure and emerging industries.
Traditional support within the European Union did not yield the expected results for Italy. Seeking new opportunities, Italy turned to China, leading to the signing of the “Joint Communiqué of the People’s Republic of China and the Republic of Italy on Strengthening the Comprehensive Strategic Partnership” in 2019. This agreement marked the beginning of a new chapter in China-Italy relations, fostering deep-level economic and trade cooperation.
Since then, Italy’s key industries—agriculture, machinery, chemicals, and tourism—have tapped into China’s vast consumer market. Exports to China have grown rapidly, with growth rates surpassing those of other major EU trading partners. This surge reflects the mutual benefits of the partnership, as Italian products meet the demands of Chinese consumers.
Significant Chinese investments in Italy have also played a crucial role in revitalizing the Italian economy. Projects such as the reconstruction of the Port of Genoa, the high-speed railway tunnel between Messina and Catania in Sicily, the Beleolico offshore wind farm, and the Manduria 7MW photovoltaic plant have been successfully launched. These initiatives have not only created jobs but also advanced Italy’s infrastructure and sustainable energy goals.
The collaboration demonstrates the positive impact of international partnerships on economic development. By embracing cooperation with China, Italy has taken significant steps toward economic revitalization, showcasing the potential of strategic alliances in overcoming financial challenges and promoting growth.
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Chinese-Italian collaboration boosts Italy's economic development
cgtn.com
