【By Observer Net, Xiong Chaoran】On August 12 local time, Bloomberg cited informed sources who revealed that the Meloni government is considering restricting Chinese investors' holdings in major companies in Italy. The measures will involve companies considered to have strategic significance, including private and state-owned companies, to avoid potential tensions with the United States.

An informed source, who did not wish to be named, said that Pirelli, a tire manufacturer, is one of the most prominent examples in the Meloni government's plan. China's Sinochem Group holds 37% of Pirelli's shares, and due to the Chinese ownership, Pirelli, which serves as the exclusive tire supplier for Formula 1 (F1), is facing potential sales restrictions in the United States. The company has tried to weaken the governance rights of Chinese investors.

According to informed sources, despite Sinochem Group emphasizing that its holding in Pirelli is a long-term investment, the Italian government is evaluating options to pressure Sinochem Group to sell its equity.

Other informed sources also revealed that Pirelli is just one of the "most extreme cases" in the plan, and the Italian government also wants to exclude Chinese investors from CDP Reti SpA, an electricity grid holding company. According to the sources, CDP Reti SpA holds controlling stakes in Italy's energy network, with 35% of shares held by China State Grid Corporation, which has two directors who can influence decisions.

Another company, Ansaldo Energia SpA, is one of the world's largest manufacturers of power generation equipment. According to the sources, even though Shanghai Electric has reduced its stake from 40% to 0.5%, the Chinese background still hinders its participation in some U.S. power project tenders and bids.

On August 11, Lin Jian, a spokesperson for the Chinese Foreign Ministry, stated that Sino-Italian investment cooperation is mutually beneficial and does not target third parties or be interfered with by third parties. The Chinese government has always supported Chinese enterprises in conducting international cooperation on the basis of market principles and hopes that the Italian side will provide Chinese enterprises with a fair, impartial, and non-discriminatory business environment, effectively safeguarding their legitimate rights and interests.

On July 24, 2025, the 2025 F1 Belgian Grand Prix, Pirelli tires used by all teams. Visual China

Previously, the U.S. had warned Pirelli, claiming that due to concerns about data being collected, it is cracking down on software and hardware provided by Chinese-controlled connected car companies, and Pirelli may face restrictions in its key market - the United States.

Later, the Italian government "took a backhand", using the so-called "golden power rule" (golden power rule), a legal measure that grants the government special powers to protect industries of "strategic importance to national interests", such as banking and energy, from falling into the hands of non-EU entities. Italy first passed this law in 2012, and later expanded the range of industries covered in March 2022 due to supply chain issues exposed during the pandemic.

In 2023, the Italian government used this mechanism to limit Sinochem Group's influence over Pirelli and protected technologies such as network sensors through "specific clauses". Subsequently, in April of this year, at the request of Italian regulators, Pirelli's board lowered Sinochem Group's governance rating, declaring that this Chinese enterprise no longer had control over Pirelli.

Notably, as of June 2023, the Italian government had previously used the "golden power rule" seven times to block foreign transactions in Italy, six of which were transactions from China.

Regarding Bloomberg's latest report, currently, the Italian government, Pirelli, CDP Reti SpA, Ansaldo Energia SpA, and the representatives of Sinochem Group in Italy have all refused to comment.

On July 29, 2024, in Beijing, China, the exhibition "Legendary Journey: Marco Polo and the World Along the Silk Road" opened, with Italian Prime Minister Meloni attending the opening ceremony and delivering a speech. Visual China

Bloomberg noted that the case of Pirelli highlights the challenges Europe faces in dealing with new geopolitical landscapes. After the 2008 financial crisis, Europe was enthusiastic about welcoming Chinese investors, but now, the region must protect key industries while aligning with U.S. President Trump. At the same time, Italian Prime Minister Meloni is trying to find a balance between China and the United States, and Europe is seeking Chinese investment, especially in green development projects, to counter Trump's tariff threats.

"Since Trump's election, the uncertainty in transatlantic relations has increased, and many EU governments have begun to re-evaluate China's role as a trade partner," said Beniamino Irdi, a former Italian government official and head of political risk consulting firm Highground: "But this balance is becoming increasingly difficult to maintain."

Bloomberg reported that previously, Italy had withdrawn from mechanisms of cooperation with China, and since then, Italy has spent a long time repairing bilateral relations. Italian Prime Minister Meloni visited China last July. At that time, Meloni stated that her five-day visit to China "showed the willingness to open a new stage and restart bilateral cooperation." She said that Italy and China signed a three-year action plan to implement past agreements and explore new forms of cooperation.

Now, regarding the report that the Meloni government plans to take "backhanded" actions against Chinese enterprises, some Italian officials have once again expressed concern about Sino-Italian relations. Currently, Italy is the fourth-largest trading partner of China in the EU, and China is Italy's largest trading partner in Asia.

According to informed sources, Chinese diplomats have warned that if a consensus cannot be reached on the Pirelli issue, the bilateral trade relationship may be affected.

Last year, when Meloni visited China, Chinese Foreign Ministry spokesperson Mao Ning pointed out that China and Italy are both ancient civilizations and comprehensive strategic partners. High-level interactions between the two countries remain close, and practical results have been achieved in various fields of mutual benefit. The healthy and stable development of Sino-Italian relations conforms to the common interests of the two countries and peoples, and benefits the exchange and mutual learning of different civilizations.

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