According to the Financial Times, Italy is preparing to become the first G7 country to formally endorse China’s controversial Belt and Road global investment drive. Michele Geraci, undersecretary in the economic development ministry, told the newspaper that Rome planned to sign a memorandum of understanding to support the contentious infrastructure programme by the end of March during a visit to Italy by Chinese president Xi Jinping. “The negotiation is not over yet, but it is possible that it will be concluded in time for [Xi’s] visit,” Mr Geraci said in the interview. “We want to make sure that ‘Made in Italy’ products can have more success in terms of export volume to China, which is the fastest-growing market in the world.”

The US-government opposes the move: "We view BRI as a ‘made by China, for China’ initiative,” Garrett Marquis, White House National Security Council spokesman, told the Financial Times. “We are sceptical that the Italian government’s endorsement will bring any sustained economic benefits to the Italian people, and it may end up harming Italy’s global reputation in the long run."