Italian PM ends China visit with 10 trade deals
June 12, 2014, 3:37 am

Italian Prime Minister Matteo Renzi, right, chats with his Chinese counterpart Li Keqiang after inspecting a guard of honor during a welcome ceremony outside the Great Hall of the People in Beijing, China Wednesday, June 11, 2014 [AP]

Renzi met Chinese President Xi Jinping and Premier Li Keqiang during his visit, primarily aimed at wooing Chinese investment for the third-largest economy in the euro zone.

China’s Shanghai Electric has bought a 40 per cent stake in Italian power engineering company Ansaldo Energia.

A Chinese nuclear power firm has also signed an agreement with an Italian company on Wednesday, in a step toward decommissioning nuclear facilities and managing radioactive waste.

China General Nuclear Power Group (CGN) and Sogin, a state-owned Italian company that specializes in environmental remediation of nuclear sites and radioactive waste, will now cooperate on a series of projects.

CGN is one of China’s biggest nuclear power companies, with 11 nuclear power units in operation. Another 13 units are under construction.

Italian Prime Minister Matteo Renzi has vowed to push economic and institutional reforms in Rome.

The Italian economy shrank 0.1 per cent in the first quarter before industrial production returned to growth in April, the national statistics agency said on Wednesday. Standard & Poor’s affirmed its ratings on Italy’s sovereign debt at BBB/A-2 last week and maintained a negative outlook on the country’s economic prospects.

Renzi said Italy would like to benefit from the growing economic prowess of China.

“Italy could increase its exports to China, and China could consider Italy as a country where business can be expanded in several market sectors. In this way, it would be a win-win relation,” Renzi said in an interview to Chinese media ahead of his official visit.

TBP and Agencies