Despite a warning by United States, Italy on Saturday joined China's signature foreign policy Belt and Road initiative (BRI), making it the first G7 country to officially do so reports Xinhua.
Addressing a press conference, Italian president Sergio Mattarella said, "Italy and China were at the two ends of the ancient Silk Road which had been a bond closely linking the two countries. Italy supports Xi's initiative on jointly building the Belt and Road and believes that it will be conducive to Eurasian connectivity and common development, as well as to reviving the ancient Silk Road in modern times."
"Italy supports Xi's initiative on jointly building the Belt and Road and believes that it will be conducive to Eurasian connectivity and common development, as well as to reviving the ancient Silk Road in modern times," he added.
China and Italy on Saturday also a Memorandum of Understanding in this regard. Already, China has signed BRI cooperation agreements with over 40 countries.
Notably, this might upset Italy's other partners including the US and other European countries as it would mean China economic domination in the reason. The US had also urged Italy not to "lend legitimacy" to China's "infrastructure vanity project" while referring to the One Belt One Road (OBOR) initiative.
Facing the third recession in a decade, Italy has defended its action saying that Chinese investment is good for their country.
The Chinese President arrived in Rome on Thursday for a state visit and he will later head to Monaco and France.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)