Posted 12/6/2023, 1:32:38 PM
Italy Withdraws from China's Belt and Road Initiative Amid Concerns Over Lack of Economic Benefits
- Italy has withdrawn from China's Belt and Road infrastructure initiative after joining in 2019 as the only G7 nation
- The decision was communicated to Beijing 3 days ago but neither side has published an official statement
- Prime Minister Giorgia Meloni has long opposed Italy's participation, seeing it as China attempting to buy political influence
- Italy signed a non-binding memorandum of understanding in 2019 under a previous government
- Participation had not produced the hoped-for economic results according to Italy's Foreign Minister