The results. Giorgia Meloni’s visit to China comes to an end after intense days of meetings with the public, including Chinese President Xi Jinping and private stakeholders, culminating in the signing of the Comprehensive Strategic Partnership between China and Italy (2024-2027).
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This new cooperation action plan focuses on emerging industries, particularly in technology sectors where China has distinctive advantages.
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Both sides confirmed their intention to prioritise cooperation in economic and trade investment, finance, technological innovation and education, green and sustainable development, healthcare, and cultural exchanges.
A risky opportunity. Although Italy has secured a series of bilateral agreements beneficial for business, these deals pose risks for sectors that have always been sensitive in Italy’s relationship with the United States, the EU, and broader Atlantic relations. Key areas of concern include electric cars, artificial intelligence, and the green economy.
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Notably, Chinese electric vehicles, sold at prices 40% below market value thanks to state aid, are dominating the electric mobility sector. This situation is prompting calls for a trade response from the US and the EU Commission, while also raising alarms about the security of consumer data.
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Similar concerns have been raised regarding 5G, where the main issue is the risk of data falling into the hands of potentially malicious entities.
Heightened scrutiny over sales of critical Italian economic sectors. Sensitivities among public opinion and authorities are increasing regarding the sales of Italian companies in key economic sectors. Recent transactions, such as Stellantis’ sale of Comau and the sale of Tim’s network to KKR, have prompted significant scrutiny from the Italian government.
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The sale of Comau, an industrial automation company, by Stellantis to the American fund One Equity Partners is part of a broader strategic trend, following the 2019 sale of Magneti Marelli to a US fund. Consequently, Palazzo Chigi and the Ministry of Enterprises and Made in Italy (MIMIT) are considering invoking golden power rules.
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The sale of Tim’s network to the US fund KKR has also sparked concerns, even though it has been approved by analysts and relevant authorities.
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The opposition Democratic Party has raised a parliamentary question, expressing worries about the high level of foreign ownership and its potential impact on consumer prices. This scrutiny arises despite positive signals from the US, with White House security advisor Jake Sullivan indicating a willingness to increase American investments in Italy.
