Italy is planning to officially announce its support this month for China's Belt and Road Initiative, according to the Financial Times.
Italy is planning to officially announce its support for China's Belt and Road Initiative this month, the Financial Times reported Wednesday. It would be the first endorsement by a G-7 nation, the report pointed out.
Critics say that through the project, China forces developing nations to take on high debt burdens while benefiting Chinese companies which are often state-owned. Italy's undersecretary in the economic development ministry, Michele Geraci, told the Financial Times his country is in negotiations to sign a memorandum of understanding in support of the program. The plan is to sign in time for Xi's visit by the end of March, Geraci said in the article.
Such public support would come at a critical time in China's relations with the U.S. and the European Union, of which Italy is a founding member.
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