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Xi
is set to sign a deal on Saturday that will see Italy become the
first of the Group of Seven major industrialized nations to join
China's giant "Belt and Road" infrastructure project which is
inspired by the old trade routes that linked the two nations.
"We want to revitalize the ancient Silk Road in order to better
share the fruits of humanity's progress," Xi said following
talks with Italian President Sergio Mattarella.
"We want to strengthen the synergies between our respective
development strategies to enhance cooperation in the
infrastructure, port, logistics and maritime transport sectors
in order to build a series of concrete projects along the Silk
Road," he added, speaking through a translator.
Besides the Belt and Road initiative, various deals worth up to
7 billion euros ($7.9 billion) are expected to be agreed in an
array of sectors, including accords opening up the northern
ports of Trieste and Genoa to Chinese containers.
In a sign of the improved ties, the Bank of China said on Friday
that Italian state lender Cassa Depositi e Prestiti (CDP) would
be allowed to sell so-called "Panda" bonds to investors in
mainland China -- another first for a G7 member.
Italy's decision to get closer to Beijing has caused concerns
among its Western allies -- notably in Washington, where the
White House National Security Council urged Rome not to give
"legitimacy to China's infrastructure vanity project".
(Reporting by Crispian Balmer and Giselda Vagnoni; Editing by
Philip Pullella)
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