China, Italy, Xi Jinping discussed on PBS NewsHour


Marketplace, I'm Kimberly Adams in for Kyra, stall, China's president Xi Jinping is in Europe. Today, he signed a series of agreements with France. But it's Taina's deal with Italy that we're going to talk about now over the weekend. Italy signed on to be a part of China's belt and road initiative. It's a multi year plan to ease the movement of Chinese goods around the world and likely increased China's global influences, well, Italy is the first G seven country to join and I did so despite pressure not to from other European countries and the US. Marketplace's Tracey Samuelson explains. What's behind the partnership Twenty-nine deals worth roughly three billion dollars? It's not huge money. But for both Italy in China. There are economics and politics at play. An economic reason easily needs investment to boost its economy Jovana Demayo with the Brookings Institution. Growth for two thousand and nineteen was seen to zero point two percent. And it's like one percent less than the European average Italy's hoping for greater investment from China that China will buy more of its exports. It may even be hoping it can call in China for help should it. Find itself in a debt crisis in need of a friend to buy its bonds says Agatha Crotts with the rhodium group, and the politics credit says Italy's contrarian government is looking to assert its independence from Brussels, and therefore a saying very loudly, and that if it wants to cozy up or if he wants to get through to Beijing, then you will get to the debating on the Chinese side the belt and road initiative creates jobs for Chinese workers, and it helps facilitate Chinese trade and the politics Jacob Kirkegaard with the Peterson institute for national economics. There are those who will argue that's part of the reason that they're doing this is to essentially gain political influence, indie you. Therefore, there is a a degree of divide and conquer in this strategy that character. Dart says these deals may not even materialize if the political party that's pushing for them loses power in Italy. And whether they'd really boost China's influence in Europe,.

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