The newly founded China-Italy Center will be dedicated to facilitating the growth of Chinese and Italian small and medium-sized enterprises, said the chief of the center on Thursday.

The China-Italy Center was co-founded by Asia Pacific Exchange & Cooperation Foundation (APECF) and the Fondazione Italia Cina with a view to strengthen the diplomatic ties between the two countries through the private sector. The center was officially launched when Chinese and Italian senior government leaders signed the partnership agreement on Wednesday.

The center will organize bilateral events in six sectors, said Xiao Wunan, executive vice chairman of APECF, including a bilateral forum, a dialogue in the fashion and creative industries, and an Chinese and Italian SME cooperation mechanism. He said that the center is planning to set its headquarters building either in the Yangtze River Delta or the Pearl River Delta region where SMEs concentrate.

"Chinese SMEs are now challenged by the lack of talent, technology and financing channels," said Xiao, "Italy, which also has many SMEs, can offer complementary resources such as creativity and brands to China. In return, it can tap into the large potential market in China. It's a win-win result."

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