Italy has officially withdrawn from China's "One Belt, One Road" initiative

Italy has officially withdrawn from the "One Belt, One Road" trade plan and communicated this decision to China.
According to Voice of America, Italy officially informed China on December 6 that it has decided to withdraw from China's "One Belt, One Road" initiative. Reuters quoted sources in the Italian government as saying that the Italian government has considered the possibility of Beijing's economic retaliation against Italy due to this decision.
In 2019, Italy became the only Western country to announce that it would participate in the so-called "One Belt, One Road" project initiated by China, despite the US ban.
After Italian Prime Minister Giorgia Meloni took office last year, she said she wanted to withdraw from the project proposed by Chinese President Xi Jinping, saying that the Belt and Road project would not bring significant benefits to Italy.
Before taking office, Meloni made it clear that the previous government's decision to participate in the Belt and Road initiative was wrong, and Italian Foreign Minister Tajana recently pointed out that Italy's participation in the so-called Belt and Road Initiative did not achieve the expected results.
It turns out that Italy's agreement to participate in China's "One Belt, One Road" initiative will expire in March 2024. Italian government sources said the Italian government recently sent a letter to China informing it of its decision not to renew the contract.