Italy's Prime Minister Giorgia Meloni Photo: VCG

Ahead of Italian Prime Minister Giorgia Meloni's upcoming visit to China from Saturday to July 31, Italian business representatives have demonstrated upbeat expectations for further deepening bilateral economic and trade exchanges that will also benefit the China-Europe relations, bolstered by Chinese megamarket's broad potential in various sectors and its manufacturing and innovative strengths.  

Chinese and Italian companies can forge synergistic partnerships, yielding mutual business advantages, with the objective of meeting demanding targets for high-tech equipment, developing new innovative solutions and even jointly targeting third markets, Massimo Bagnasco, CEO of China Europe Carbon Neutral Technology (Chengdu), told the Global Times on Thursday. The company is dedicated to supporting and significantly contributing to the path toward carbon neutrality in both China and Europe.

Foreign companies should consider China as a significant market, which is almost the largest market in the world and still growing, Alberto Borini, general manager of Chengdu BPlan Tech Co Ltd, told the Global Times on Friday. Launched at the end of 2019, the Italian high-tech enterprise plans to mass produce devices by the fourth quarter of 2024 and will market toward Chinese customers in 2025.

"From my point of view, there are still a lot of opportunities to invest in China, for example in sectors including high-tech, electric cars, environment and agriculture. There are many sectors where a foreign company can invest and be successful. Meanwhile, there is a stronger supply chain and high efficiency that is important for any manufacturing company," he said.

This year marks the 20th anniversary of the China-Italy comprehensive strategic partnership. During Meloni's visit, she will meet with top Chinese leaders, as the two sides will exchange views on bilateral relations and issues of mutual interest, Chinese Foreign Ministry Spokesperson Mao Ning told a press conference on Thursday. 

China looks to work with Italy through this visit to cement traditional friendship, promote the Silk Road spirit, strengthen mutual understanding and trust, deepen practical cooperation and people-to-people and cultural exchanges, pursue the steady and sustained growth of China-Italy and China-EU relations, and jointly contribute to a more peaceful, stable and prosperous world, Mao said.

The official visit is Meloni's first trip to China since taking office, during which bilateral trade and industrial agreements are expected to be signed. Multiple Italian companies from a wide range of sectors including tyre- maker Pirelli, energy group ENI, defense group Leonardo, wine producers and several Italian luxury fashion groups are invited to an Italy-China Business Forum to be held in Beijing on Sunday and Monday, according to Reuters.  

Meloni's visit to China aims to further build up mutual trust while expanding cooperation despite Italy's previous withdrawal from the China-proposed Belt and Road Initiative, Zhao Junjie, a research fellow at the Chinese Academy of Social Sciences' Institute of European Studies, told the Global Times on Friday.

Meloni is expected to secure more cooperation in major projects with great potential, while driving economic development and bringing back vitality to some of its previously thriving sectors and enterprises, such as the manufacturing industry, and new energy by cooperating with Chinese enterprises, according to Zhao. 

The key points of the visit are the reassessment of the need for more balanced bilateral trade, offering more opportunities to export Italian products to China, and the promotion of Italy as an ideal location for Chinese investment, especially in areas such as new-energy products and vehicles, among others, Mario Boselli, president of the Italy China Council Foundation, told the Global Times in an exclusive interview. 

In the first half of 2024, the China-Italy trade reached 255.16 billion yuan ($35.18 billion), a yearly increase of 1.6 percent, according to data released by the General Administration of Customs.  

Industry insiders and experts also expected the visit to help bolster relations between China and the EU despite the current trade tensions. 

"Italy is a founding member of the EU and plays an important role within the union. Therefore, deepening trade cooperation between China and Italy will also have broader benefits for China-Europe relations," Bagnasco said, highlighting a wide range of cooperation fields established between China and the EU from tackling climate change, agriculture and food sectors to increased investment. 

Zhao said that the practical actions taken by Meloni show that the cooperation between China and Italy will not only be conducive for the healthy and stable development of the two sides, but will also set an example for other EU countries.