BERLIN - Facing a severe economic downturn this year, Italy is hoping for a lifeline from China.
Instead of a GDP growth rate of 1.5 per cent, as predicted by the government in October last year, Rome would now be happy if it achieves zero growth. But Italy's debt has risen to 132 per cent of GDP, making the country the second highest indebted member of the EU, outranked only by Greece. Thus, Italy became the first political and economic heavyweight in EU and among G7 nationsto sign a memorandum of understanding with China to officially become a member of the New Silk Road project BRI, designed to better connect Asia with Africa and Europe.
He said he regrets that the state was unable to prevent the takeover of certain German companies by Chinese investors. The proposal for the first time will allow the EU to collectively address investments that represent potential risks to the bloc's security or public order. Both the EU and the United States are concerned that China will now be able to secure strategic acquisitions.
The Communist Chinese invasion of Europe has begun.
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