Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Italy will withdraw from China's Belt and Road Initiative, government sources say By: FOXNews.com December 06, 2023 at 08:19 AM EST Italy will withdraw from China's Belt and Road Initiativey. The deal expires in March 2024, and Italian sources claimed that Beijing has been informed that Italy will not renew. Italy has officially informed China that it is quitting the Belt and Road Initiative (BRI), two government sources told Reuters on Wednesday, ending months of doubt over Rome's future in the ambitious project.Italy in 2019 became the first and so far only major Western nation to join the program, dismissing concerns from the United States that it would enable China to gain control of sensitive technologies and vital infrastructure.'INSIDIOUS' CHINESE ESPIONAGE REACHES 'EPIC SCALE,' BRITISH SECURITY CHIEF, FBI WARNHowever, when Prime Minister Giorgia Meloni took office last year, she said she wanted to withdraw from the deal, which is modeled on the old Silk Road that linked China to the West, saying it had brought no significant gains to Italy.The 2019 accord expires in March 2024 and would have been automatically renewed unless Rome gave at least three months' written warning that it was pulling out.A government source said Beijing had been given a letter "in recent days" informing the Chinese government that Italy would not be renewing the pact.'IMPROVISED AND ATROCIOUS': ITALY LOOKS TO LEAVE CHINA DEAL, REVERSING DECISION OF PREVIOUS GOVERNMENT"We have every intention of maintaining excellent relations with China even if we are no longer part of the Belt and Road Initiative," a second government source said."Other G7 nations have closer relations with China than we do, despite the fact they were never in (the BRI)," he added.Italy will assume the presidency of the G7 in 2024. Related Stocks: Fancamp Exploration Ltd Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Italy will withdraw from China's Belt and Road Initiative, government sources say By: FOXNews.com December 06, 2023 at 08:19 AM EST Italy will withdraw from China's Belt and Road Initiativey. The deal expires in March 2024, and Italian sources claimed that Beijing has been informed that Italy will not renew. Italy has officially informed China that it is quitting the Belt and Road Initiative (BRI), two government sources told Reuters on Wednesday, ending months of doubt over Rome's future in the ambitious project.Italy in 2019 became the first and so far only major Western nation to join the program, dismissing concerns from the United States that it would enable China to gain control of sensitive technologies and vital infrastructure.'INSIDIOUS' CHINESE ESPIONAGE REACHES 'EPIC SCALE,' BRITISH SECURITY CHIEF, FBI WARNHowever, when Prime Minister Giorgia Meloni took office last year, she said she wanted to withdraw from the deal, which is modeled on the old Silk Road that linked China to the West, saying it had brought no significant gains to Italy.The 2019 accord expires in March 2024 and would have been automatically renewed unless Rome gave at least three months' written warning that it was pulling out.A government source said Beijing had been given a letter "in recent days" informing the Chinese government that Italy would not be renewing the pact.'IMPROVISED AND ATROCIOUS': ITALY LOOKS TO LEAVE CHINA DEAL, REVERSING DECISION OF PREVIOUS GOVERNMENT"We have every intention of maintaining excellent relations with China even if we are no longer part of the Belt and Road Initiative," a second government source said."Other G7 nations have closer relations with China than we do, despite the fact they were never in (the BRI)," he added.Italy will assume the presidency of the G7 in 2024. Related Stocks: Fancamp Exploration Ltd