Chinese Investments and National Security in Italy: the Golden Power Framework and the Pirelli- Sinochem Case

Over the past decades, the progressive intensification of economic globalization has profoundly transformed the structure of national economies and the nature of international economic relations. The expansion of international trade, the liberalization of capital flows and the growth of cross-border investment have contributed to unprecedented levels of economic integration, fostering efficiency gains, technological diffusion and increased welfare in many parts of the world. Within this framework, economic openness has long been regarded as a fundamental pillar of liberal economic governance and international cooperation. However, alongside these benefits, globalization has also generated new and increasingly complex forms of vulnerability. The growing interdependence among States has revealed how economic processes—once perceived as neutral or purely market-driven—may acquire strategic relevance. Control over critical infrastructure, advanced technologies, data flows and strategic industries can affect not only market outcomes, but also States’ autonomy, resilience and long-term stability.