Italy Exits China's Belt and Road Initiative, Citing Lack of Economic Gains
• Italy signed Belt and Road Initiative pact with China in 2019, expecting economic gains that did not materialize
• Italy has now officially informed China it is leaving the initiative, allowing deal to expire in 2024
• Italy intends to maintain "excellent relations" with China despite exiting pact
• Italy limited influence of Chinese shareholders over some Italian companies under current government
• Italian Prime Minister Giorgia Meloni assured U.S. President Biden that Italy would leave the initiative