Italy looks to growing Chinese demand
Source: Xinhua |
February 26, 2010, Friday
|
Print Edition
Print Edition
THE rising Chinese middle class will play a crucial role in boosting the exports of Made-in-Italy traditional products, Umberto Vattani, president of the Italian Institute for Foreign Trade (Ice), has said.
"Italian exports to China are the only ones to have increased in 2009 thanks to an 8 percent rise in Chinese consumer demand, which resisted the global downturn," Vattani said.
Ice on Wednesday presented a report predicting Italian exports to increase by 3 percent on an annual basis in 2010 and 2011, highlighting that Italy is out of recession though the recovery appears slow and uncertain.
The report said a boost in Italian exports is expected to come from the economic growth in the BRIC countries - Brazil, Russia, India and China - if Italy is able to penetrate these markets.
"China's increasing consumer demand represents a great opportunity for Italian firms specializing in products with a high-quality appeal," said Vattani.
Traditional Made-in-Italy goods leading Italian exports to China include machinery, fashion, cars, furniture, industrial design and food.
"The growing Chinese bourgeoisie is triggering an increase in China's consumption rates. There are more and more Chinese earning over US$30,000 a year and this trend is set to further increase," he added.
Vattani said the new Chinese middle class is attracted to Italian products of quality because "these are the best in the world. Italian shoes, clothes and design represent the Italian style. Everything that is Italian is well-made."
Vattani also said he is not worried about the high Italy-China trade deficit even though it decreased in 2009, which he described as the product of internationalization.
"Today some Italian firms are producing in China, with the result that what was exported from Italy to China before is now directly produced in China," he said.
Vattani announced that the Italian government will be sending an important mission to China in June together with Ice, the Italian bank association and a team of outstanding Italian entrepreneurs.
The Shanghai World Expo, he said, is a unique chance to boost Italian exports to China and bilateral ties.
"Italian exports to China are the only ones to have increased in 2009 thanks to an 8 percent rise in Chinese consumer demand, which resisted the global downturn," Vattani said.
Ice on Wednesday presented a report predicting Italian exports to increase by 3 percent on an annual basis in 2010 and 2011, highlighting that Italy is out of recession though the recovery appears slow and uncertain.
The report said a boost in Italian exports is expected to come from the economic growth in the BRIC countries - Brazil, Russia, India and China - if Italy is able to penetrate these markets.
"China's increasing consumer demand represents a great opportunity for Italian firms specializing in products with a high-quality appeal," said Vattani.
Traditional Made-in-Italy goods leading Italian exports to China include machinery, fashion, cars, furniture, industrial design and food.
"The growing Chinese bourgeoisie is triggering an increase in China's consumption rates. There are more and more Chinese earning over US$30,000 a year and this trend is set to further increase," he added.
Vattani said the new Chinese middle class is attracted to Italian products of quality because "these are the best in the world. Italian shoes, clothes and design represent the Italian style. Everything that is Italian is well-made."
Vattani also said he is not worried about the high Italy-China trade deficit even though it decreased in 2009, which he described as the product of internationalization.
"Today some Italian firms are producing in China, with the result that what was exported from Italy to China before is now directly produced in China," he said.
Vattani announced that the Italian government will be sending an important mission to China in June together with Ice, the Italian bank association and a team of outstanding Italian entrepreneurs.
The Shanghai World Expo, he said, is a unique chance to boost Italian exports to China and bilateral ties.
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