China Italy Photo: VCG

China and Italy signed multiple economic cooperation deals across various sectors on Sunday. Experts noted that these achievements aligned with Italian Prime Minister Giorgia Meloni's commitment during her first official visit to China, highlighting the immense potential for bilateral cooperation despite global volatility.

In an exclusive interview with the Global Times, Irene Pivetti, former president of the Italian Chamber of Deputies and honorary chairman of the World Green Design Organization, emphasized the need to revitalize China-Italy ties despite rising external doubts, following Italy's withdrawal from the China-proposed Belt and Road Initiative (BRI), along with the China-EU tariff disputes.

"The visit is poised to open a new chapter for bilateral ties," said Pivetti, noting that a renewed focus on planned cooperation will likely be implemented in phases, with industrial, technological and cultural partnerships topping the agenda.

China and Italy on Sunday signed a series of business agreements covering industry, education, environmental protection, geographical indications (GI) - a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin, and food safety, the Xinhua News Agency reported.

By signing a memorandum of understanding on protecting GI products and a three-year action plan for food safety regulatory cooperation, the two countries vowed to make efforts to facilitate information exchanges, technical cooperation and capability enhancement, exemplifying the latest achievement in deepening pragmatic ties.

China's Foreign Ministry on Monday said that pragmatic cooperation between China and Italy had led to significant trade and investment growth, benefiting people of both countries. Amid the sluggish global economic recovery, both countries need to enhance economic and trade ties to boost development, the ministry noted. 

The timing of Meloni's visit to China is crucial, as it coincides with China's push for deepening comprehensive economic reform following the third plenary session of the 20th Central Committee of the Communist Party of China, Sun Yanhong, a senior research fellow at the Institute of European Studies of the Chinese Academy of Social Sciences, told the Global Times on Monday.

"Riding on China's ramped-up opening-up efforts, Italy's government and businesses are set to tap into more business opportunities in the vast Chinese market," Sun said, adding that pragmatic talks and cooperation will also help ease China-EU trade tensions, given Italy's key role in the bloc, and set an example of win-win ties.

During Sunday's meeting with Meloni, Chinese Premier Li Qiang pointed to strengthening mutually beneficial cooperation in areas such as shipbuilding, aerospace, new energy and artificial intelligence, while Meloni pledged to deepen practical cooperation across various fields to bolster the comprehensive strategic partnership between the two countries, Xinhua reported.

"With these new cooperation deals in place, prospects for the China-Italy relationship are promising and should only improve," Pivetti said. She noted that deeper bilateral engagements offer both countries opportunities to foster enduring mutual respect, interest and a commitment to pragmatic cooperation.

The Italian leader's five-day visit also includes the long-awaited meeting with the Chinese top leader and China's top legislator. The two sides will exchange views on bilateral relations and issues of mutual interest, according to China's Foreign Ministry.

Chinese and Italian experts noted that more sustained and in-depth dialogue, along with mutual efforts for shared benefits, will help open a new chapter of bilateral cooperation, despite lingering doubts surrounding Italy's withdrawal from the BRI and rising concerns over escalating China-EU trade tensions.

Unlike some other Western countries, Italy has never sought to "decouple" from China, Pivetti emphasized, instead, she said that "Italian entrepreneurs are keen to do business with China, including large-scale ventures, if possible." 

Pivetti also debunked the West's allegations of "overcapacity" and "unfair competition" against China, warning that tariff policies are likely to fail when used as tools to disrupt a balanced competitive market.

China's Foreign Ministry reaffirmed on Monday that mutual benefit is the essence of China-EU economic ties, urging dialogue and negotiation to resolve differences based on mutual respect for the common interests of both sides.

Both Pivetti and Sun emphasized that Meloni's visit was timely and pivotal for Europe, given the potential impact of the upcoming US election on diplomatic and trade relations between China and Europe, as well as between the US and Europe.

"For an outward-oriented economy like that of Italy, cooperation with China offers significant benefits. Amid an increasingly complex global landscape, the strategic importance of the Chinese market is undeniable," Sun noted.