On July 28th, the Italian Chamber of Commerce in China, in collaboration with Confindustria Emilia Area Centro, held a meeting entitled “Possible scenarios for Italian companies in China“.
The event was an opportunity for dialogue with H.E. Luca Ferrari, Ambassador of the Italian Republic to China and Paolo Bazzoni, President of the Italian Chamber of Commerce in China, in Bologna for the occasion, in the presence of the President of Confindustria Emilia Area Centro, Valter Caiumi, and Sonia Bonfiglioli, President of the Bonfiglioli Group.
The meeting involved about fifty companies located in the area of Bologna, Ferrara and Modena, representing an area recognized for being one of the first Italian manufacturing centers with headquarters of historic and renowned companies in the industrial, automotive and agri-food sectors. The dialogue provided an opportunity for discussion on scenarios, trends, risks and opportunities that companies operating in China are facing in this time of complexity and uncertainty.
Following the opening words of Valter Caiumi, Ambassador Ferrari addressed three main aspects during his speech: the weight and importance for Italy of the economic partnership with China, the Chinese market trends and the main challenges that, both in the short and medium term, China is facing. Regarding the latter point, Ambassador Ferrari recalled that the demographic issue, the challenges posed by the energy transition, the increase in consumption and the problem of mobility are factors that will influence the development of the Chinese economy in the coming years.
The President of the CCIC, Paolo Bazzoni, went on to illustrate the results of the third edition of the CCIC survey on the current and expected impact of COVID restrictions on the Italian business community in China (Current and Forecasted Impact of the COVID Restrictions on the Italian Business Community in China), highlighting the need for caution, resilience and innovation to protect and relaunch Italian companies and investments in China. Based on the survey results, even though challenges persist, China remains an important market to invest in. However, some of the Italian companies are reviewing their strategy in the ASEAN region considering the potential benefits of the area and its future developments.
Our Institute was represented by our China Expert Marco Bonaglia. He had the chance to introduce our activities to the Ambassador and to meet with President Bazzoni and Lorenzo Riccardi, two of our main points of reference in China.