Italy Exits China’s Silk Road Initiative Citing ‘Lack of Expected Results’

by Zero Hedge

Francesco Abbruzzino, The Uncensored Report, LLC

 

The government of Italian Prime Minister Giorgia Meloni has officially notified China about Italy’s withdrawal from the Belt and Road Initiative.

 

This move confirms the months-long speculations that Rome was planning to cease its involvement in Beijing’s global infrastructure program, in which Chinese banks finance projects from highways, ports, railways, power plants, and telecommunications infrastructure.

 

Bloomberg quoted Foreign Minister Antonio Tajani, who said BRI “has not produced the desired effects” and is no longer “a priority.”

 

Tajani spoke at an event in Rome earlier today hosted by newswire Adnkronos. He said countries ex-BRI “have better results” in terms of economic growth.

 

Data from Bloomberg shows Italy’s trade deficit with China exploded following the BRI deal, making the European country even more dependent on supplies from China.

 

read more

 

Support Francesco Abbruzzino by utilizing his businesses:

• Frankie Abbruzzino, Realtor – RealEstateByFrankie.com
• Telfonix Medical Billing – Telfonix.com
• Obviously, the scoop. Share my links on social media via my page by clicking –>> here or my group by clicking –>> here