The eyes of the world on Rome. An armored capital welcomes Chinese President Xi Jinping and first lady Peng Liuyan, who arrived in Italy on Thursday evening, first leg of their European tour.
The Italian visit is viewed with concern by everyone, from Brussels to Washington. Certainly not for the tour of the museums planned for the first lady, but for the now famous memorandum of understanding with which Italy will officially enter the Silk Road. The signing will take place on Saturday morning, before Xi Jimping's departure for Palermo, where it is rumored that the leader of Beijing wants to take a look at the port of the Sicilian capital to see for himself shortcomings and prospects.
"It is a purely economic agreement, not a political one” they repeat incessantly from Palazzo Chigi in order to reassure internal and external spirits. Already because among those who turn up their noses in view of the signing there are also some members of the League, worried that the agreement could jeopardize some matters of "national interest".
"Economic and trade relations play a fundamental role in the framework of bilateral relations between Italy and China", affirms the President of the Republic, Sergio Mattarella, in an interview with five Chinese media.
“The substantial and growing interchange, the relationships between our companies, the reciprocal investments are confirmation of the trust on which our relationships are based. For some time now, Italy has seen China not only as its first-rate economic partner, but also as an engine of the economy and of world trade”. And he hopes that, with President Xi Jinping's visit, "agreements, ideas, projects may emerge in which the Italian-Chinese partnership can further develop, also for the more general benefit of collaboration between Europe and Asia", concludes the head of state that on Friday he will meet Xi Jimping in person, two years after his visit to Beijing.
THE SILK ROAD: WHAT IT IS
The so-called Silk Road is actually called Belt and Road (which literally translated means belt and road) and is an all-round infrastructure investment plan concerning ports, railways, energy, roads, telecommunications, etc. launched from China almost 6 years ago. Since 2013, 67 countries have joined the project through the formula of the Memorandum of Understanding, a document which indicates that the two parties have a common line of action, but which does not have the power to oblige compliance with a contractual obligation , like a real deal.
The Silk Road stretches in two "lines" from East to West. The first is terrestrial and crosses Central Asia. The second is maritime and passes through the Indian Ocean, up to Africa, pointing towards the North.
It is therefore easy to understand how Italy represents an ideal continuation of this "imaginary line", through investments which, according to rumors, could involve the ports and key infrastructures for our country.
WHAT THE MEMORANDUM PROVIDES
A document that provides trade agreements that will involve sectors such as infrastructure, telecommunications, finance, machinery, business, inter-governmental cooperation in foreign affairs, trade, culture and the protection of cultural heritage.
During the three days in which the president will be in Rome, there will also be three cooperation forums between the business, cultural and commercial communities of the two countries: the sixth Italy-China Committee of business leaders, the forum on cooperation in third markets, and the second meeting of the Cultural Forum.
There will be many Italian companies - about fifty according to the rumors circulated - directly or indirectly involved for which ad hoc agreements will be envisaged. Among these, giants such as Enel, Terna, Cdp, Sace, Fincantieri, Unicredit, Intesa Sanpaolo, Where's Banca, Eni, Italgas, Fs, Snam.
The issue of telecommunications and 5G is delicate. Not by chance, last 15 March, the Premier, Giuseppe Conte tried to reassure: “We will strengthen the golden power to protect national interests. That of 5G is a game that we are following and we are evaluating all the countermeasures. It applies to the Chinese and to all the operators that manage data traffic. These are very sensitive issues for national interests and we will impose all precautions for all operators. They are strategic assets”.
It is no coincidence that, according to rumors, 5G should be excluded from the Memorandum, precisely in order not to create discontent in Italy and above all abroad.
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PANDA BONDS
Also important is the issue of "panda bond", a definition that will make most people smile, but which in reality is anything but comical. Our country could issue bonds on the Chinese market in order to find resources to convey to Italian companies operating in Beijing. The operation will also involve Cassa Depositi e Prestiti. If so, Italy will be the first G7 member to issue bonds of this type, denominated in Renmimbi.
