China's reform and opening-up spur cooperation with Italian enterprises

Editor's note: Yang Chengyu is an associate researcher at the Institute of European Studies of the Chinese Academy of Social Sciences. The article reflects the authors' opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

Italian Prime Minister Giorgia Meloni on Saturday (July 27) began her official visit to China, marking her first visit to the country since assuming office in September 2022.

In recent years, Italy's economic recovery has been sluggish, with assistance from the EU being limited and practically ineffective.

According to the Bank of Italy, Italy's economic growth will further slow to 0.6 percent in 2024. 

At the same time, China continues to expand its opening-up and has achieved remarkable results in its cooperation with Southeast European countries such as Greece within the Belt and Road Initiative. 

Driven by the Chinese model of investment and cash management, the Port of Piraeus has recovered from heavy losses to become the fourth largest port in Europe and the top port in the Mediterranean within just a decade.

Hitching a ride on the "express train" of China's sustained rapid economic growth can contribute to Italy's economic recovery and resurgence.

China and Italy have significant complementary advantages in their industries, offering vast potential for bilateral cooperation, particularly in specific sectors.

During the 15th Italy-China Joint Economic Committee and Business and Dialogue Forum in April this year, Italy's Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani, explicitly welcomed China's new energy companies, such as those in the electric vehicle sector, to invest in Italy. 

By seizing the market space that emerged following the EU's anti-subsidy investigation into Chinese electric vehicles, Italy can not only cultivate its new energy production capacity but also create jobs and promote local economic growth.

This year marks the 20th anniversary of the China-Italy comprehensive strategic partnership. 

Just recently, the third plenary session of the 20th Central Committee of the Communist Party of China has delivered a strong message that China will remain committed to its basic state policy of opening to the outside world and continue to promote reform through opening-up.

The continuous deepening of China's reform and opening-up will provide vast opportunities for Italian enterprises to invest in China. 

Furthermore, China has substantial potential to invest in Italy, encompassing infrastructure sectors such as energy, investment, ports, logistics and shipping, as well as technological innovation fields like high-end manufacturing, clean energy, aerospace, and the ice and snow industry.

As two ancient civilizations, China and Italy are culturally attracted to each other and engage in frequent exchanges and mutual learning.

On this occasion of the 700th anniversary of Marco Polo's death, and as China steadfastly develops new institutions for a higher standard of an open economy and steadily expands institutional opening-up, Meloni's visit to China will inject more positive momentum into the strategic alignment and practical cooperation between China and Italy.