Italy's parliamentary intelligence committee, Copasir, is preparing a fresh inquiry into Chinese investment in the Italian economy, with a primary focus on strategic assets and high-tech start-ups, according to a report by Italy-based media outlet Decode 39. The probe is expected to commence in May 2025 and will involve extended hearings with experts, economists, and business representatives — signalling renewed concern in Rome over Beijing's expanding economic footprint.

Scope and Structure of the Inquiry

The new investigation is set to be considerably broader than Copasir's previous probe, conducted seven years ago, which concentrated on China's role in mobile networks and 5G infrastructure. Under new committee chair Lorenzo Guerini, Copasir plans to deliver a detailed report to Parliament within a few months, according to people familiar with the matter cited by Decode 39.

The inquiry will include extended hearings drawing in a wide range of stakeholders from industry, academia, and the security establishment. The committee is also reportedly expected to travel to the United States by mid-May for institutional meetings, adding an international dimension to the investigation.

Key Security Concerns Driving the Probe

According to the Decode 39 report, Rome is increasingly alarmed about small but high-potential technology start-ups being exposed to what it described as predatory investment strategies targeting know-how, patents, and industrial secrets. "Chinese stakes in key sectors of the Italian economy remain a source of national security concern, especially where infrastructure, technology and access to sensitive markets are involved," the report stated.

Several high-profile cases have reportedly pushed the China question back to the top of Italy's security agenda. Italian tyre manufacturer Pirelli has recently adjusted its operational structure in the US market following the Italian government's golden power restrictions, which curtailed the influence of its largest shareholder, Sinochem, a state-owned Chinese company.

Separately, a shareholder dispute at luxury yacht maker Ferretti, owned by China's Weichai Group, has triggered political attention in Rome, adding to the list of cases under scrutiny.

The Espionage Dimension

The inquiry also comes against the backdrop of a high-profile espionage case. Zewei Xu, a 33-year-old Chinese engineer, was arrested at Milan Malpensa Airport on a US warrant on espionage charges and was subsequently extradited to the United States. This case has sharpened Rome's awareness of the security risks embedded in Chinese economic engagement in Italy.

Broader Context: Italy and China

Italy was the only G7 nation to have joined China's Belt and Road Initiative (BRI), a decision it later reversed under Prime Minister Giorgia Meloni. The Copasir probe reflects a broader recalibration of Italy's China policy, aligning it more closely with the security posture of its Western allies. This is the second such parliamentary-level scrutiny of Chinese investment in Italy, indicating that concerns have deepened rather than abated since the first inquiry.

With the committee's report expected to be delivered to Parliament within months, the findings could shape future regulatory and investment screening frameworks across Italy.