EU leaders displayed a united front towards China on Friday (22 March) and warned the Italian government of the consequences of signing a bilateral deal with Beijing to become part of the new ‘Silk Road." The warnings came from both more protectionist-minded countries and free trade champions.
Chinese President Xi Jinping is in Italy on Friday and Saturday to sign a memorandum of understanding with Rome to become part of the ‘One Belt, One Road’ initiative, China’s ambitious plan to finance infrastructure projects connecting Europe, Asia and parts of Africa.
Italy would not be the first EU member state to sign up, but it would be the largest European economy to sign the deal, and the first G7 nation. The initiative has become controversial given the strict conditions imposed by Chinese authorities. African nations have been threatened with confiscation of nationally-owned assets if they don't repay loans in a timely manner.
[FULL STORY HERE]
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