Italy’s only Golden Power veto in 2024 targeted a Chinese-linked aerospace venture, highlighting the country’s growing strategic caution over sensitive technologies and its evolving security-first approach to foreign investment
Veto on China deal. Italy issued just one veto under its Golden Power regime in 2024, and it involved China.
- In October, the government vetoed a proposed joint venture between Italy’s Manta Aircraft and Shenyang Aviation, a Chinese aerospace company, due to national security concerns related to sensitive technology.
- The move underscored Rome’s growing caution toward foreign investment in critical innovation sectors, especially when it involves high-tech capabilities with dual-use potential.
Steady scrutiny, rising cases. According to the government’s annual Golden Power report, released this week, 2024 saw a 15 % increase in screened transactions, totalling 835 cases—up from 727 in 2023.
- Of these, 660 were full notifications, while 175 were prenotifications.
- Ninety-two per cent of notified cases received full approval, and eight per cent moved forward with mitigation conditions.
Defence tops the list. The report shows that strategic sectors continue to dominate Italy’s screening focus.
- Defence accounted for 20.3% of Golden Power activity, followed by communications (10.8%), energy (10.5%), health (9.3%), and data protection (7.8%).
- Italy’s evolving economic security doctrine has increasingly highlighted the intersection of industrial autonomy and national security.
Broader context. The decision to block the China-linked aerospace deal reflects a broader trend across Europe: growing alignment with transatlantic partners on critical technology protection, especially under pressure from the US.
- It also comes amid Rome’s strategic repositioning on China, including its 2024 exit from the Belt and Road Initiative and its effort to reframe the bilateral relationship under the EU’s de-risking framework.
(Photo: MantaAircraft.com)
