The decision to join the Silk Road multiplied China’s exports to Italy but did not have the same effect on Italian exports to China, Italian Defence Minister Guido Crosetto said. “The issue today is: how to walk back [from the BRI] without damaging relations [with Beijing], because it is true that China is a competitor, but it is also a partner,” Crosetto added. Italy signed up to the BRI under a previous government, becoming the only major Western country to have taken such a step.
Not familiar with the terms of the BRI, is there any notion of minimum export/import ratio? Can’t they export Ferraris, haute couture or other luxury Italian goods there?
Of course, they could. China seems to be more interested in gaining influence over its BRI partners’ economies than in mutual trade, though. Italy’s sentiment is here in line with practically all other nations that joined China’s BRI.
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Here are two articles, with several examples of how China is using the BRI as a tool to put other countries in its debt.
https://www.csis.org/analysis/its-debt-trap-managing-china-imf-cooperation-across-belt-and-road
https://intpolicydigest.org/the-economic-impact-of-china-s-belt-and-road-initiative/
It’s a capitalistic economic colonialism. They’ve learned so much from the west. They must be so proud to have completely abandoned communism in favor of capitalism.
@AreaSix
Not long ago, the Albanian PM made similar remarks about the BRI, in Kenya you can see negative effects on workers’ rights and Kenya’s economic policy, Pakistan has already been an example why the project so badly fails some time ago.
China has been bailing out its own banks as the ‘partner countries’ could not pay their debts anymore given the partners could not benefit from their BRI projects. And the conditions for these bail-outs are far worse than what the IMF would charge in similar circumstances. While the IMF interest rates are 2%, China charges 5%.
You’ll find much more information on the web. There is plenty of evidence.
Thank you for this, I don’t know why you are getting downvoted
Have you ever fucking googled? What kind of Karen shit are you on?
GiVe mE tHrEe eXaMpLeS oR iM tElLiNg
Found the CCP bootlicking stooge.
You’re right, reddit DOES seem to be leaking idiots!
Exports aside, Ferrari will only sell their new cars to certain people. & wealth isn’t really a consideration so much as the absolute lowest bar.
Congrats you missed the point entirely
The whole Belt and Road initiative is effectively a scam and I’m amazed how many countries think they want in on it
Most chinese people are not going to buy Italian luxury goods But a ton of Italians will happily buy super cheap Chinese stuff
Rich people are going to buy the Ferrari and other luxury stuff even without this whole thing
So effectively again so many countries are hoping to break into the Chinese market only to pay for a big portion of the construction and gain close to nothing from it
With the increased purchasing power in China’s upper middle class, you might imagine they could import some fancy Italian clothes, but I guess there is no way this would compensate the amount of Chinese good that Italians are importing