After initially sparking strong reactions in Washington and Brussels when he decided to join his new road trip in 2019 Silk, Italy is now considering withdrawing from the titanic project to expand Chinese influence.

But worrying about her reaction Chinaeven for the possibility of a retaliatory strike, plans negotiations with Beijing in an effort to maintain friendly relations and cooperation in its sector trade. Rome came under pressure, and during the campaign last year, the prime minister Georgia Meloni called Italy’s involvement in the Chinese plan “a big mistake”. So far, however, despite the promise made to Washington, Meloni says she has not yet fully decided whether Italy will exit the Silk Road and that “the discussion is open.”

However, speaking to the Financial Times, Meloni’s government officials stressed that the ideal solution would be for Italy to leave without incurring Beijing’s wrath or retaliation. “We want to maintain good relations with them and work together to prevent problems from escalating,” the government official said, adding that Rome was not in the mood to “compete with China.” However, for the Meloni government, the countdown has begun and the pressure is high. He signed a four-year Silk Road cooperation agreement, but with the curious stipulation that it will be automatically renewed in March 2024 unless Rome formally informs Beijing three months before withdrawing from it.

This means that far-right Ms. Meloni, who wants to prove that she is a reliable partner and ally of the US and the EU, must resolve one of the most intractable foreign policy issues by December and minimize the diplomatic and financial consequences. .

The ideal solution would be for him to leave, but without incurring Beijing’s wrath or retaliation.

As Stefano Stefanini, the former Italian ambassador to NATO, points out, “Given the tensions between the US and China, we cannot remain an ally of Washington and at the same time remain a participant in the Silk Road.” However, other government officials believe pressure on Rome has eased due to undivided support in Ukraine. Meanwhile, Italy’s business world, already hit by sanctions against Russia, is concerned as it turns to China: Italy’s exports to China jumped 92.5% in the first quarter of 2023 compared to the same period last year, mainly due to exports of pharmaceutical products. .

As stressed by Mario Bocelli, President of the Italy-China Council, “the possibility of withdrawing from the Silk Road could freeze bilateral relations at a historic moment when businesses and professionals are eager to return to the Chinese market.”

On the Chinese side, the Ministry of Foreign Affairs recently stressed that Rome “should continue to seize the opportunities of cooperation within the Silk Road and let the cooperation of the two countries benefit both.” Speaking to the Financial Times, Xi Yinhong, a professor of international relations at Peking’s Renmin University, said Rome’s dilemma is the result of the previous Italian government’s “opportunistic approach” to China.

Italy agreed to join the Silk Road in 2019 when Giuseppe Conte was prime minister and the populist Five Star Movement was in power and the country was recovering from the effects of the debt crisis. Since then, Italy has absorbed significant Chinese capital through large Chinese investment in the country in strategic sectors such as energy and telecommunications. Conte’s successor, Mario Draghi, took great care to block a series of Chinese takeovers of Italian businesses, including the Italian microprocessor company Iveco.

Moreover, the Meloni government is trying to limit Sinochem’s influence in Pirelli, despite the fact that the Chinese company is the largest shareholder in the Italian tire industry, owning 37% of its shares.

Much of the Italian political establishment shares Meloni’s negative attitude towards China. Senator Enrioco Borghi, a member of the Italia Viva party, emphasizes that “in the five years since the five stars rule, we have become much more aware of the dangers posed by the Silk Road”, and adds that most political parties “don’t believe they now that China can solve Italy’s problems.”