Italy formally becomes first G7 member to align with China on 'Belt and Road' project

Italy on Saturday became the first member of the Group of Seven industrialised powers to endorse China's "Belt and Road" infrastructure project, with Italy brushing off the worries of Western allies as it looks to revive its flagging economy. China yesterday said that along with Italy they want to revive the spirit of the ancient Silk Road by deepening their trade and investment ties.

Chinese President Xi Jinping's trip to Italy has raised eyebrows in Washington. The signing ceremony was the highlight of a three-day trip to Italy by Chinese President Xi Jinping, which was designed to boost ties between the two nations at a time when the United States is locked in a trade war with China.

Chinese and Italian firms additionally signed some 10 deals, including in the energy, steel and gas pipeline sectors. Full details of the contracts was not immediately revealed, but a government source said they could potentially be worth up to 20 billion euros ($22.62 billion). Italian media put the value at around 5 billion euros.