Italy to Withdraw from China's Belt and Road Initiative in 2024 Amid Concerns Over Debt and Lack of Benefits
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Italy was the first G7 nation to join China's Belt and Road infrastructure initiative, but is withdrawing in 2024.
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China lashed out at the "smearing" of the Belt and Road Initiative after Italy's withdrawal.
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Critics say the Belt and Road Initiative allows China to expand its geopolitical influence and saddle poorer countries with unsustainable debt.
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Italy's Prime Minister Giorgia Meloni advocated withdrawing, saying the pact has no clear benefits for Italy.
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Italy still intends to maintain good relations with China even after exiting the Belt and Road Initiative.