Time’s almost up on Italy’s partnership with China’s Belt and Road initiative.
A top Italian official says his country is “unlikely” to renew the deal. Though he notes a formal decision would come only after the Group of Seven summits this month—hosted by Japan.
Italy joined Beijing’s far-reaching infrastructure project back in 2019. It’s the only G-7 nation to sign on.
Opponents feared it would give Beijing control over the nation’s critical infrastructure and open the door to Intellectual property theft, but the nation’s then-leader saw it as an opportunity to boost the Italian economy. However, the deal appears to have had the opposite effect.