As part of the G8 outreach session, Chinese President Hu Jintao flew to Italy to sign eight deals, covering a wide range of business, including purchase, cooperation and culture exchange.
According to the government news agency Xinhua, one of the deals is the contract signed between Italian auto giant FIAT, which just bought most of Chrysler's assets, and China's Guangzhou Automobile Industry Group.
China will also host a "Chinese culture year" in Italy under the agreement signed by China's Foreign Minister Yang Jiechi and his Italian counterpart Franco Frattini.
Other details are not disclosed.
The business activities between Italy and China has seen great development in recent years. The bilateral trade volume hit US$ 38.3 billion last year, close to the goal of US$ 40 billion by 2010 set by the leaders of both sides.