Meloni calls for balanced EU-China trade
World
Meloni calls for balanced EU-China trade
BEIJING (Reuters) - Italian Prime Minister Giorgia Meloni told Chinese President Xi Jinping on Monday that the euro zone's third-biggest economy plays an important role in China's relations with the EU, as she sought to relaunch her country's economic ties with Beijing.
Meloni was speaking at a meeting with President Xi on a visit to the Chinese capital after Italy exited Xi's flagship Belt and Road Initiative last year and amid deteriorating trade ties between the bloc and the world's second-largest economy.
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The Italian leader told her host "Italy can... play an important role in relations with the European Union," as they met at Beijing's Diaoyutai State Guest House.
Meloni then told Xi that she hoped to "create trade relations that are as balanced as possible."
EU trade policy has turned increasingly protective over concerns that China's production-focused development model could see it flooded with cheap goods as Chinese firms look to step up exports amid weak domestic demand.
The European Commission this month confirmed it would impose preliminary tariffs of up to 37.6% on imports of electric vehicles made in China, ratcheting up tensions with Beijing.
Chinese officials have warned of a possible trade war, should Brussels not back down and continue to probe other parts of its $18.6 trillion economy.
Beijing is also lobbying EU member states to oppose more tariffs on Chinese-built EVs in an October vote, although Italy, Spain and France have indicated they would back the tariffs.
"REBOUND INTO A NEW ERA"
Italy is of strategic importance to China as it has struck out on its own with Beijing before, and could prove to be a moderating voice within the bloc.
In 2019, Italy became the only member of the Group of Seven industrialised democracies to join Xi's BRI infrastructure initiative that aims to resurrect the ancient trade route.
And while Italy eventually left the infrastructure investment scheme last year, under pressure from the U.S. over concerns about Beijing's economic reach, Rome signalled it still desired to forge stronger trade ties with the Asian giant.
"Both sides face important opportunities for mutual development," Xi told Meloni at the start of their meeting. "If countries are connected, they will advance together. If they are closed, they will retreat," he added.
"China and Italy should uphold the spirit of the Silk Road... so that the bridge of communication between East and West through it can rebound into a new era."
