Ningbo to get investment from Italy

"Many of these opportunities also come from China's national plan to build the 21st Century Maritime Silk Road to connect more foreign markets," Lu said.

According to Lu, economic and trade cooperation with Italy should continue for the long term. Chinese companies are eager to acquire Italian companies to gain cutting-edge technology, especially in the fields of chemistry, biology, telecommunications and construction machinery.

Internet giant lends helping hand

The Italian government has signed an agreement with China's top e-commerce group Alibaba Group Holding Ltd that is aimed at making it easier for Italian businesses to run virtual stores on the platform.

Alibaba will provide Italian businesses looking to open stores on Tmall.com with enrollment support, online marketing and customer service support, the company said on Thursday.

The three-year agreement was part of a memorandum of understanding signed between Italy's Ministry of Economic Development and Alibaba's founder Jack Ma in Beijing, the company said.

Under the agreement, both sides will determine what product categories on Tmall.com, the Alibaba business-to-customer site, best present the opportunities for Italian companies and satisfy Chinese consumers' needs, according to a joint press release.

Alibaba's business-to-business unit Alibaba.com, and its affiliated logistics firm Cainiao, will also explore opportunities with the Italian side.

Tmall will also launch a promotion for popular Italian brands already on the platform and set up a dedicated country page to feature Italian goods, Alibaba said.

Many Western brands have teamed up with e-commerce platforms to reach out to the growing number of Chinese middle-class shoppers. In April, British luxury brand Burberry Group Plc opened its online shopping booth on Tmall.

This is the second contract in a month that Alibaba struck with a foreign government aiming to clear a path for cross-border merchandise transactions. The Internet company signed a deal with the French government to aid French businesses in launching stores on Tmall.

Ningbo to enhance cooperation with Europe	Expansion work starts on VW's Ningbo base