Italy minister: joining China's Belt and Road was 'atrocious' decision
www.reuters.com
The "improvised" decision multiplied Chinese exports to Italy, but failed to do the same for Italian exports, he said.

The decision to join the Silk Road multiplied China’s exports to Italy but did not have the same effect on Italian exports to China, Italian Defence Minister Guido Crosetto said. “The issue today is: how to walk back [from the BRI] without damaging relations [with Beijing], because it is true that China is a competitor, but it is also a partner,” Crosetto added. Italy signed up to the BRI under a previous government, becoming the only major Western country to have taken such a step.

  • @Blaze@sopuli.xyzEnglish
    0•11 months ago

    Not familiar with the terms of the BRI, is there any notion of minimum export/import ratio? Can’t they export Ferraris, haute couture or other luxury Italian goods there?

    • @0x815@feddit.deOPEnglish
      3•11 months ago

      Of course, they could. China seems to be more interested in gaining influence over its BRI partners’ economies than in mutual trade, though. Italy’s sentiment is here in line with practically all other nations that joined China’s BRI.

    • @bilboswaggings@sopuli.xyzEnglish
      2•11 months ago

      The whole Belt and Road initiative is effectively a scam and I’m amazed how many countries think they want in on it

      Most chinese people are not going to buy Italian luxury goods But a ton of Italians will happily buy super cheap Chinese stuff

      Rich people are going to buy the Ferrari and other luxury stuff even without this whole thing

      So effectively again so many countries are hoping to break into the Chinese market only to pay for a big portion of the construction and gain close to nothing from it

      • @Blaze@sopuli.xyzEnglish
        2•11 months ago

        With the increased purchasing power in China’s upper middle class, you might imagine they could import some fancy Italian clothes, but I guess there is no way this would compensate the amount of Chinese good that Italians are importing

    • Jaysyn
      1•11 months ago

      Exports aside, Ferrari will only sell their new cars to certain people. & wealth isn’t really a consideration so much as the absolute lowest bar.