Italy is now a partner in China’s new Silk Road


Reuters

❝ Italy has become the first developed economy to sign up to China’s global investment programme which has raised concerns among Italy’s Western allies.

A total of 29 deals amounting to €2.5bn ($2.8bn) were signed during Chinese President Xi Jinping’s visit to Rome…

❝ The new Silk Road has another name – the Belt and Road Initiative (BRI) – and it involves a wave of Chinese funding for major infrastructure projects around the world, in a bid to speed Chinese goods to markets further afield. Critics see it as also representing a bold bid for geo-political and strategic influence…

❝ The levels of debt owed by African and South Asian nations to China have raised concerns in the West and among citizens – but roads and railways have been built that would not exist otherwise..

Here I sit in the richest, most powerful country in world history. Our roads suck. Bridges suck. Water systems throughout the land are polluted. And more. Our government doesn’t make infrastructure a priority. Our politicians are glad to blather about their support for rebuilding and repairing national infrastructure decades old – as long as they aren’t actually pushed into doing a damned thing.

New Silk Road, old Silk Road. If someone is putting their political and economic clout behind better, easier commerce…try to keep the whining down to a minimum, folks. You’re on the wrong side of history. I know what construction contracts look like going back to the original build-out of the US Interstate System. It was justified to keep our military happy. Which was Cold War bullshit. The victory was owned by US trucking companies.

3 thoughts on “Italy is now a partner in China’s new Silk Road

  1. Gwailo Joe says:

    (12 July 2019): Common transport infrastructure: Welfare effects of the Belt and Road Initiative https://voxeu.org/article/welfare-effects-belt-and-road-initiative
    Vice Ministry of Commerce Qian Keming said Friday [7/11/19] in Beijing that China has signed cooperation agreements to build the “Belt and Road” (BR) Initiative with 18 Arab countries. https://www.telesurenglish.net/news/China-Belt-and-Road-Project-to-Encompass-18-Arab-Countries-20190713-0004.html In 2018, the bilateral trade volume between China and the Arab countries reached US$244.3 billion, which meant an annual increase of 28 percent.
    In that same year, Chinese companies signed contracts for US$35.6 billion to carry out projects in the Arab countries, US$1.2 billion of which were direct investments in energy, infrastructure and manufacturing. According to The Arab News, in 2016, China became the largest investor in the Arab world, with almost US$30 billion in foreign direct investment; in the same year, the U.S. investments only accounted US$6.9 billion.
    Greece and Italy are the only major European economies to have engaged with the project due to the West’s concern over China’s growing strength as illustrated by BRI [Belt and Road Initiative]. https://www.telesurenglish.net/news/Greece-Appreciates-Joining-Chinas-Belt-and-Road-Initiative-20190515-0022.html
    Meanwhile: Russia to Build 2000km [1,243 mi] highway that will become part of the fastest trucking route between China and Europe. https://www.telesurenglish.net/news/Russia-2000km-Toll-Highway-to-be-Built-Across-Country-20190709-0033.html

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