China and Italy firm partners in business

As 20th anniversary of strategic friendship celebrated, both countries see economic opportunities ahead

As China and Italy celebrate the 20th anniversary of their comprehensive strategic partnership, recent developments have underscored a significant period of mutual growth and investment.

China is an indispensable market and a key partner for Italian companies, Minister of Enterprises and Made in Italy Adolfo Urso said during his visit to Beijing in July. He stated that cooperation between China and Italy in green technology, electric vehicles and public transport is becoming increasingly important.

This marks an opportunity for ties between the two countries to enter a new phase, transitioning from a commercial partnership to an industrial partnership, he said. He added that Italy strives to become a main producer of photovoltaic panels and wind power products in Europe, using Chinese technology to produce wind farms, especially offshore wind farms.

During his visit, Urso met with Jin Zhuanglong, minister of industry and information technology, and Yin Li, a member of the Political Bureau of the Communist Party of China Central Committee and secretary of the CPC Beijing Municipal Committee, to discuss the potential for bilateral trade and technological cooperation, particularly in green technology, automobiles, pharmaceuticals, luxury goods, cruise ships, and small and medium-sized enterprises.

Jin said that this year marks the 20th anniversary of the establishment of the comprehensive strategic partnership between China and Italy. China is willing to work with Italy to implement the important consensus reached by the leaders of both countries, promoting pragmatic cooperation.

The Chinese government is committed to advancing high-level opening-up and has lifted restrictions on foreign investment in the manufacturing sector, creating broader development opportunities for foreign companies, including Italian enterprises.

Jin expressed the hope that Italy would provide a fair, transparent, open and nondiscriminatory business environment for Chinese companies seeking to develop in Italy.

Urso said that Italy values the comprehensive strategic partnership between the two countries and welcomes Chinese enterprises to invest and develop in his country. He hopes to strengthen strategic cooperation with China in new energy vehicles, SMEs and green technology, deepening partnerships in the industrial and information sectors.

Yin mentioned during his meeting with Urso that China and Italy are outstanding representatives of Eastern and Western civilizations, with broad common interests and a solid foundation for cooperation.

He added that Beijing's service-oriented economy is prominent, with trends in industrial development leaning toward high-end, intelligent and green characteristics. The demand for high-quality consumer products is strong, providing robust support for industrial development. Beijing has always been a hub of foreign investment, with nearly 20,000 foreign-funded enterprises operating in Beijing, the Party secretary said.

Yin also noted that Italy is the second-largest manufacturing powerhouse in the European Union, known for its quality and design.

"We are willing to further strengthen investment cooperation with Italy, enhance communication in key areas such as NEVs, biomedicine, electronic information, artificial intelligence and environmental protection, actively expand new growth points for cooperation, deepen scientific and technological exchanges, promote the exchange of scientific researchers, talent training and the establishment of joint research platforms, and expand exchanges in the fields of economy, trade and culture.

"We welcome Italian companies to actively participate in open cooperation platforms such as the China International Fair for Trade in Services, tapping into cooperation potential and sharing development opportunities," Yin said.

Urso highly praised the significant development achievements China has made in recent years. He stated that economic and trade cooperation plays a prominent role in the development of China-Italy relations. Italy is willing to deepen industrial cooperation with China, particularly in the fields of NEVs and biomedicine, and achieve more pragmatic cooperation results, welcoming relevant Chinese and Beijing enterprises to invest and develop in Italy.

In 2023, trade between China and Italy reached $71.76 billion, cementing China's position as Italy's largest trading partner in Asia and Italy as China's fourth-largest trading partner within the EU. The exchange encompasses a diverse range of products, with China exporting textiles, electronics and machinery to Italy, while importing high-quality machinery, leather goods and automotive components from Italy.

A notable example of this robust economic exchange is the recent collaboration on the world's first green tunnel boring machine, named China Railway No 1237.

Unveiled on July 23, this state-of-the-art equipment, developed by China Railway Hi-Tech Industry, a subsidiary of State-owned China Railway Group, underscores the deepening cooperation in high-tech sectors.

The Sicilian high-speed railway tunnel project in Italy includes two sections, with China Railway 1237 responsible for the Taormina section. It spans 4.9 kilometers and reaches a maximum depth of 200 meters, mainly passing through clay, sand layers and sandstone formations. Additionally, the clay layers encountered have poor permeability and shallow burial segments, posing strict requirements for the overall settlement control of the equipment.

The machine, showcasing the strength of China's high-end equipment manufacturing industry, is designed to be environmentally friendly, reflecting both nations' commitment to sustainable infrastructure. It has an excavation diameter of 9.16 meters, a total length of 135 meters, and a total weight of about 1,900 metric tons, featuring intelligent control for low-carbon operation and environmental protection.

wangjinhui@chinadaily.com.cn