By Associated Press - Wednesday, July 10, 2019

ROME (AP) - UniCredit bank says it has signed a memorandum of understanding with the Export-Import Bank of China to foster “long-term relationships in order to promote cooperation” between Chinese, Italian and Central European companies.

The signing took place Wednesday in Milan, which hosted a top-level Chinese-Italian financial forum.

UniCredit Chairman Fabrizio Saccomanni called the memo a “concrete step forward in supporting European corporates’ economic growth in China.”

Italian Economy Minister Giovanni Tria said there are “ample margins” for growth in Italy’s exports to China. He noted that exports increased from 9 billion euros (more than $10 billion) in 2010 to 13 billion in 2018. Italy’s imports from China total some 30 billion euros.

Bank of China President Liu Liange told the forum that in 2020 China will “liberalize financial investments abroad.”

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