China affirms its readiness to promote trade and investment cooperation with this G7 country.

On September 7, a spokesperson for the Chinese Ministry of Commerce said that China is willing to work with Italy to improve two-way trade and investment relations.

Bộ trưởng Ngoại giao Trung Quốc Vương Nghị (phải) và người đồng cấp Italy Antonio Tajani trong cuộc gặp tại Bắc Kinh, ngày 4/9. (Nguồn: Bộ Ngoại giao Trung Quốc/AP)

Chinese Foreign Minister Wang Yi (right) and his Italian counterpart Antonio Tajani during a meeting in Beijing on September 4. (Source: Chinese Foreign Ministry/AP)

Asked about Italian Foreign Minister Antonio Tajani’s recent visit to China, Chinese Ministry of Commerce spokesman He Yadong told reporters that “both sides reached consensus on further improving trade levels and facilitating two-way investment.”

Italy has been weighing whether to continue participating in Beijing's Belt and Road Initiative (BRI) in recent months, and has until December to decide whether to formally withdraw from the deal, which expires in March 2024.

Earlier, at the end of June, Chinese Ambassador to Italy Jia Guide affirmed that Beijing is an irreplaceable partner and an indispensable development opportunity. While countries around the world are “stepping on the gas” to cooperate with China, “stepping on the brakes” and “putting into reverse” is clearly not a choice that suits the interests of both sides.

Italy is currently the largest Western country and the only one among the members of the Group of Seven (G7) leading industrialized nations to have signed a memorandum of understanding to participate in China's BRI.

Upon expiration, this agreement will automatically renew unless either party notifies the other that it will withdraw. Notice must be given at least 3 months in advance.

If Rome does not make any move, the BRI deal will be automatically extended for another five years.

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