Wider potential seen for ties with Italy

ROME — The value of trade between China and Italy has increased for three consecutive years, shows data received last year, and experts say bilateral cooperation in various fields has been fruitful and has immense potential.

Vito Petrocelli, former chairman of the Foreign Affairs Committee of the Italian Senate, said Italy and China have highly complementary economies, whose relationship, especially in the economic and trade fields, has made a "leap forward".

Cooperation between the two countries in the economic, cultural, political and social fields has become a "benchmark" within the European Union, which confirms the need to develop a comprehensive strategic partnership between the two sides.

The value of bilateral trade reached $77.9 billion last year, data shows, up 5.4 percent year-on-year. Italy's exports to China increased 58 percent in the first five months of this year.

China and Italy will jointly build six large cruise ships with a total value of nearly $5 billion, the first of which has been commissioned.

STMicroelectronics, a technology company of French-Italian origin, has formed a $3.2-billion joint venture with Chinese companies to build factories in China.

According to a survey conducted by the Italy China Council Foundation in Milan, 84 percent of Italian companies are positive about Sino-Italian economic and trade relations and their development prospects.

Steady growth

Marco Tronchetti Provera, executive vice-chairman of Italian tire manufacturer Pirelli, said the company's high-end product business in China has been growing steadily, and by working with Chinese companies, it has increased its competitiveness and global popularity.

Pirelli opened its first factory in China in 2005 and currently has nearly 4,000 retail outlets in the country.

Italy has been invited to participate in major exhibitions in China and was the guest of honor at both the import expo in Shanghai and the consumer products expo in Hainan, through which high-quality Italian products have entered thousands of Chinese households.

Altagamma, an Italian foundation of luxury brands, attended the consumer products expo in Hainan this year with 75 high-end brands.

"The scale and growth of China's high-end consumer market are difficult to achieve in other countries," said Stefania Lazzaroni, general manager of Altagamma, adding that the Chinese market represents a unique opportunity, and the foundation is willing to strengthen links and increase its presence in China.

Illycaffe, one of Italy's best-known coffee brands, is betting big on the Chinese market over the next few years. "We have studied to determine which markets can become a second home market for us, and the best option is China," said Illy's chief executive Cristina Scocchia.

Romano Prodi, former European Commission president and former Italian prime minister, said China's economy plays a key role in Europe's economic recovery, and Italy and China need to expand cooperation in various fields to make it more comprehensive and deeper.

Xinhua