Italy's agreement with China is not a contract, but its symbolism is nevertheless important
went to press. His itinerary will include a state dinner, accompanied by a performance by Andrea Bocelli, an Italian opera star. Even more enjoyable for Mr Xi will be welcoming Italy into his Belt and Road Initiative , a programme of infrastructure projects that spans Eurasia, the Middle East and Africa. Italy’s prime minister, Giuseppe Conte, hopes the planned agreement, due to be signed on March 23rd, will boost Italian exports to China.
Lucrezia Poggetti of the Mercator Institute for China Studies, a German think-tank, suggests Italy is taking a “big political risk for little economic gain”. The memorandum is unlikely to guarantee Italian firms access toprojects or specific investments, and Europe’s largest exporters to China—Germany and France—have not signed similar accords.
The issue has become yet another point of contention within Italy’s coalition government. The anti-establishment Five Star Movement is keen to move ahead. The nationalist Northern League is concerned that cosying up to China puts its alliance with America at risk. As Mr Xi signs his memorandum, he may glimpse another division, over an existing infrastructure project. A protest is planned for the same day against a partly completed high-speed rail link between Turin in northern Italy and Lyon in France. Debate continues to rage within the government between the League, which favours it, and the Five Star Movement, which does not.
Of all these various “ticking bombs” threatening to blow apart Italy’s coalition government, says Francesco Galietti of Policy Sonar, a political-risk consultancy, the biggest is the next budget in November. For now, both sides are focused on sticking together at least until May’s European parliamentary elections are over."Not so silky"
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