China-Italy cooperation has fruitful results, broad prospect: experts

Data show that the trade volume between China and Italy has increased for three consecutive years in 2022. Bilateral cooperation in various fields has been fruitful and has a broad prospect, experts said.

Vito Petrocelli, former chairman of the Foreign Affairs Committee of the Italian Senate, told Xinhua that Italy and China have highly complementary economies, whose bilateral relationship, especially in the economic and trade fields, has made a "leap forward."

He said that cooperation between the two countries in the economic, cultural, political, and social fields has become a "benchmark" within the European Union, which confirms the need to develop the comprehensive strategic partnership between the two sides.

Data show that the bilateral trade volume has reached 77.884 billion dollars in 2022, up 5.4 percent year on year. Italian exports to China increased by 58 percent in the first five months of 2023.

China and Italy will jointly build six large cruise ships with a total value of nearly 5 billion dollars, the first of which was successfully commissioned.

STMicroelectronics, a technology company of French-Italian origin, has formed a joint venture of 3.2 billion dollars with Chinese companies to build factories in China.

According to a survey conducted by the Italy China Council Foundation, 84 percent of Italian enterprises are positive about Sino-Italian economic and trade relations and their development prospects.

Marco Tronchetti Provera, executive vice president of Italian tire manufacturer Pirelli, said that the company's high-end product business in China has been growing steadily, and by cooperating with Chinese companies, Pirelli has increased its competitiveness and global popularity.

Pirelli opened its first factory in China in 2005 and currently has nearly 4,000 retail outlets in the country.

Italy has been invited to participate in various major exhibitions in China and was the guest of honor at both the import expo in Shanghai and the consumer products expo in Hainan, through which high-quality Italian products have entered thousands of Chinese households.

Altagamma, an Italian foundation of luxury brands, attended the consumer products expo in Hainan in 2023 with 75 of its high-end brands.

"The scale and growth of China's high-end consumer market are difficult to achieve in other countries," said Stefania Lazzaroni, general manager of Altagamma, adding that the Chinese market represents a unique opportunity, and the foundation is willing to strengthen links and enhance presence in China which is relevant in the area.

Illycaffe, one of Italy's best-known coffee brands, is betting big on the Chinese market over the next few years. "We have studied to determine which markets can become a second home market for us and the best option is China," said Illy's chief executive Cristina Scocchia.

Romano Prodi, former European Commission president and former Italian prime minister, said China's economy plays a key role in Europe's economic recovery, and Italy and China need to expand cooperation in various fields to make it more comprehensive and deeper.