China, Italy map out three-year cooperation plan

World Today

China and Italy on Wednesday issued a three-year action plan covering cooperation in areas of trade, industries and investment, finance, business, tourism and visits, and technological innovation.

The 2014-2016 plan was issued after talks between Chinese Premier Li Keqiang and Italian Prime Minister Matteo Renzi, who is here for a three-day official visit to China from June 10 to 12.

“We want not only the issuing of the action plan, but also results,” Li said during a joint press briefing with Renzi. The premier said the two sides will hold the sixth meeting of the bilateral governmental committee in the second half of the year in Beijing, which will discuss the action plan. The plan will help economic and social development and benefit the two peoples.

According to the plan, the two countries will promote growth of bilateral goods and service trade and realize trade balance through an increase of Italian exports to China.

To expand bilateral trade, the two sides will enhance cooperation in environmental protection and energy, agricultural products and processing, food security, urbanization, medicine, health and aviation.

“We both agree that the scale of our bilateral trade and investment should have a large increase for our economic scale and development potential,” Li said.

The two sides will further strengthen cooperation in customs, health and plant quarantine. They also pledged to open their domestic markets more effectively and reduce barriers for trade and investment.

For industrial and investment cooperation, the two sides will cooperate in areas including waste material salvage, renewable energy, architecture and design, health service, aviation, engine technology, machinery, communication technology, nanotechnology, biopharmacy, shipbuilding, and oil and gas exploration, the action plan said.

The two sides agreed to allow Chinese capital to invest in Italy’s public facilities, logistics, infrastructure, services, and the protection of Italy’s arts and cultural heritage.

The two sides will strengthen cooperation in intellectual property protection to fight against fake goods.

With regard to financial cooperation, the action plan said China and Italy agreed to provide assistance for the integration of financial operators and trade, investment and credit institutions, and to provide facilities for each other to set up bank branches.

Renzi told the press that Italy will cut down the visa processing time for Chinese tourists to 36 hours. Li said China will support and participate in Italy’s Milan Expo in 2015.

The two sides also agreed to promote technological and innovation cooperation through various governmental mechanisms and organizations.