The signing of an MoU during a March 22-24 by Chinese president Xi Jinping has made Italy the first G7 nation to join China’s sprawling Belt and Road Initiative, but Rome will be wise to devote sustained long-term resources to the negotiation, implementation, and follow-up of whatever comes out of these memoranda to avoid the mistakes of other BRI partners.
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Xi Jinping arrived in Italy today to sign a memorandum of understanding for the Belt and Road Initiative (BRI), a development that has already drawn criticism from the U.S. Washington’s frustration is understandable, but it plays right into Beijing’s hand. Publicly criticizing Italy’s decision gives unwarranted weight to vague documents that, like the BRI itself, overpromise and underdeliver.
Italy is now the first of the G7 group of industrialized nations to endorse China’s Belt and Road Initiative, but what does this mean? James Kynge, the FT’s global China editor, looks at the main implications, citing data collected by the Reconnecting Asia Project.
The European Commission has become increasingly critical of various Chinese investments within the EU, fueling an ongoing debate within Europe about investment screening. While the EU released a framework for foreign investment screening implicitly aimed at China in November 2018, the debate has exposed cross-cutting divisions within Europe. Looking ahead to 2019, we should not expect a clear resolution anytime soon.