Intesa Sanpaolo has signed a moU with the Chinese city of Qingdao to develop asset management services for local clients through a 100% company called Yi Tsai. In the near future, Intesa wants to sell its own financial products to Qingdao, said Carlo Messina, CEO of Intesa. And it will not only be a general memorandum of understanding between China and Italy. There will be several covering different sectors. A total of 30 contracts are concluded, for a total of at least 7 billion euros in new business. For example, it is reported that Snam will sign a Memorandum of Understanding with the Chinese Silk Road Fund for International Investment Cooperation, which could also include Italian state lender Cassa Depositi e Prestiti SpA. The Italian metallurgical group Danieli has signed a contract for the construction of part of a steelworks in China, which will then be transferred to Azerbaijan. But France also signed a series of agreements with China this week, similar to what Italy has just signed. And Monaco, which visited Xi Jinping on March 24, decided to oust U.S. demands and let Huawei help launch the new G5 technology. But Italy`s biggest mistake was that it did it alone, without consulting other EU members. Germany and France are naturally angry. Italy, with its Eurosceptic nationalist government (the deputy prime minister Di Maio of the starry movement, is a left-wing populist, Deputy Prime Minister Salvini, leader of the League, is a right-wing populist leader) has already isolated itself from Brussels and has found itself in several diplomatic quarrels with Paris.
This new agreement with China will only worsen the situation in Italy and ensure that Italy is seen (for a time at least) as a political pariah who has no say in the European concert of nations. But what is this statement of intent? Italy is not the first Member State of the European Union to have signed such an agreement with China. Greece, Portugal, but also Latvia, Croatia, Bulgaria and other countries have already signed an agreement with China. This cooperation could take the form of a common development policy, for example by funding projects through the AIIB. Another aspect, of course, is the construction of infrastructure in certain transport sectors. Rome expects a lot from this agreement to modernize Italy`s infrastructure. The MoU also cites trade and finance as possible areas of cooperation.