Commentary
China’s Belt and Road Initiative (BRI) is an ill-defined international development program that includes export activities and political influence operations by the regime in Beijing. With a reported $1 trillion of spending, which could eventually become $8 trillion, BRI has hit major speed bumps of late.
Italy, which is the only G-7 country involved in BRI, is finally considering a departure. Prime Minister Giorgia Meloni said joining BRI was a mistake that yielded insufficient trade or investment benefits. In May, a senior Italian official told Reuters that a renewal of the BRI agreement was “highly unlikely.”
China is getting bad press in Italy as it seeks 9 of 15 board seats in the Pirelli tire manufacturer. Beijing-controlled Sinochem now owns 37 percent of the Italian company, founded 150 years ago in Milan, and is allegedly attempting to violate a 2015 agreement that limited its control of strategic decisions. The long-time Pirelli CEO has asked Meloni to block Sinochem’s power grab….