China’s sustainable development is attracting new investment while benefiting the further development of those already settled in the country, Paolo Bazzoni, chairman of the China-Italy Chamber of Commerce, told the Global Times during the ongoing two sessions.
In an exclusive interview with Bazzoni, he expressed high expectations for sustainable growth and further opening-up of the Chinese market, to which Italian companies are closely attached. However, there are still some challenges ahead.
“Sustainable growth of the economy increases China’s attractiveness for new investment, also benefiting the further development of companies already localized in the country,” Bazzoni said.
Given China’s role as a world economic leader, he said he expects China to become even more attractive in terms of sustainability and growth but also in terms of creating an investment-friendly economic environment, he noted.
Trade relations between Italy and China are undoubtedly positive. Data shows that in 2021, the total import and export volume between China and Italy increased by 34.1 percent year-on-year, despite the ongoing global pandemic and trade hurdles in many parts of the world.
“In percentage terms, the increase in trade between Italy and China in 2021 was among the highest recorded by China last year, confirming that Italy is a solid partner,” Bazzoni said.
Massimiliano Tremiterra, chief representative of the Guangzhou office of the Italian Foreign Trade Commission, said that China has maintained economic growth despite the epidemic.
For Italy, an export-oriented country, China is one of the most important markets, Tremiterra added.
While there have been positive signs of stronger economic and trade ties, Bazzoni said that 2022 began with great economic and financial uncertainties that are affecting global markets, and the Chinese domestic market is not exempt from this.
“Domestic demand is struggling to restart, and is still far from the levels of the end of 2020 and the first half of 2021,” he said.
“All these factors are currently affecting the microeconomic trend of the business market, as well as the expansion and development of our companies that have located their business in China,” Bazzoni said.
“We therefore expect these two sessions to direct Chinese economic policy toward a more concrete stimulus to boost domestic demand,” he said.
Despite the uncertainties, the chairman stressed that Italian investments continue to be substantial and add value to the Chinese domestic market with quality, services and technology.
Bazzoni also praised what China has done in terms of containment and prevention of Covid-19, saying it can now lead to more inbound and outbound mobility, thus increasing the possibility of new investment and exchanges between Chinese and Italian entrepreneurs.
Shanghai. Photo: VCG
