Italy Eyes Closer Economic Ties

2010/11/08

Italy wants to play a "more active role" in economic cooperation with China, Italian Ambassador to China Riccardo Sessa said on Friday.

"Italy could also serve as an invaluable platform for China logistics to easily reach Europe," the ambassador told China Daily in an exclusive written interview, ahead of the 40th anniversary of the establishment of diplomatic relations on Saturday.

The growth and transformation of the Chinese economy is a "huge opportunity" for Italy, Sessa said, noting that some of his country's leading sectors such as high-tech engineering, aviation and design are receiving growing interest from China.

Italian exports to China grew 28 percent during the past eight months until October. Machinery exports accounted for 60 percent of the total, said the Italian Institute for Foreign Trade.

"There is a considerable effort by the Chinese authorities to enhance the protection of intellectual property and we are ready to give all our support in this sector, so sensitive for Italian companies," the ambassador said.

According to China's Ministry of Commerce, bilateral trade between China and Italy in 2009 dropped 18.3 percent amid the financial crisis to $31.264 billion, and bounced back in the first quarter of 2010, posting an increase of 34 percent. The two countries have decided to more than double the figure to $100 billion within the next five years.

Talking about the issue of yuan appreciation, Sessa said he believes "we don't have to hurry the Chinese authorities to strengthen the currency too rapidly".

He said that China "needs time" to let domestic demand replace overseas demand, "in order to avoid the employment shock related to the loss of competitiveness of small and medium-sized companies in labor-intensive sectors".

Following the "Year of Italy in China in 2006, the "Year of China in Italy" was launched in October this year, with events being held in several major Italian cities until September next year.

Among the main events planned are a bilateral science forum, a Sino-Italian youth festival, musical and theatrical performances, ballets and an art exhibition on China and the Roman Empire, which Sessa said will help his country and Europe discover "there are more things that unite us, than those that separate us".

(China Daily)