‘No longer a priority’: Italy formally exits China’s BRI

Italy has formally exited China’s Belt and Road Initiative (BRI), dealing a blow to President Xi Jinping’s mega infrastructure project. Italy became the only G7 nation to sign up for BRI four years ago. The decision to exit BRI was communicated to Beijing three days ago. Italy joined BRI to attract investments and expand exports’ access to China’s market, but its trade deficit with China has doubled over the span of three years. Several other countries are reconsidering their partnership with China due to BRI’s failure to bring great dividends