Italy to Withdraw from China's Belt and Road Program, Citing Lack of Economic Benefits
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Italy will not renew its participation in China's Belt and Road infrastructure program when the current deal expires in 2024. Italy was the only G7 country to join the initiative.
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Italian Prime Minister Giorgia Meloni said the program has not produced the expected economic benefits for Italy. However, she wants to maintain cooperation with China in areas like trade.
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The decision reflects hardening European attitudes toward China amid concerns over economic imbalances, supply chain risks, and competition over sensitive technologies.
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China took a measured tone on Italy's move but said it opposes attempts to "smear" the Belt and Road program.
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The news came as top EU officials met Chinese President Xi Jinping. They pressed China on trade deficits and "unfair competition" but agreed on the need for balanced trade ties.