爱达荷州立大学中国学生学者联谊会

Chinese Association of Idaho State University (CAISU)

warning to Italy on China economic initiative

warning to Italy on China economic initiative
T he U.S. issued an indirect warning to Italy on Saturday for its coziness with China.The European Union country is weighing sign ing up with China's global economic effort, called the Belt and Road Initiative.To get more China economy news, you can visit shine news official website.

"Italy is a major global economy and a great investment destination. Endorsing BRI lends legitimacy to China’s predatory approach to investment and will bring no benefits to the Italian people," the tweet said. Italian Prime Minister Giuseppe Conte, the leader of the U.S.' European ally, this week advocated for joining the i nitiative , saying it could open up various market-entry opportunities for many industries in the Italian economy.

“With all the necessary precautions, Italy’s accession to a new silk route represents an opportunity for our country,” Conte told a foreign policy seminar in the northern city of Genoa this week.

The economic expansion plan looks to connect the southern and eastern ports such as Hong Kong and Shanghai with the Middle East, Africa, and beyond. It calls for a series of high-speed rail and massive fast-lane highways. Chinese President Xi Jinping, the political mastermind behind the initiative, has dubbed it the "new Silk Road," in reference to the trading routes between Europe and Asia that dominated the world market in ancient times.

China has also been working on another global economic expansion project over the last decade, creating the Asian Infrastructure Investment Bank as a rival to U.S.-led Bretton Woods institutions such as the International Monetary Fund and the World Bank that have governed the vast majority of international investment and development projects. The new b ank has been seen by some U.S. lawmakers as a direct threat to American leadership in the global economy.

Like other nations in southern Europe, Italy wants to pull itself out of an economic recession. Its turn to China signals an upset for the U.S. as the Trump administration has been actively seeking to curb Chinese global influence.

The U.S. is struggling to fend off Chinese companies from engaging in the development and deployment of 5G wireless broadband technology across the world. The Chinese giant telecommunications company Huawei is banned from 5G network cont ract s with U.S. firms based on suspicion of espionage and sending mined data directly to the Chinese government. The State Department has been actively working with allies around the world to dissuade them from allowing Huawei to build out their 5G communications infrastructure.

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