Italian Entrepreneurs in China and Chinese Entrepreneurs in Italy - The paper examines the economic relations between Italy and China taking account of China’s place in the world economy and the role of Chinese entrepreneurs active in Italy. China imports semi-manufactured goods from the most developed Asian economies, transforms them into finished goods, and exports them as such. Firms in the west, including Italy, are also exploring ways of decentralising their production in China. The Chinese entrepreneurs working in Italy are present in industrial districts in Tuscany (at Prato), in Emilia-Romagna (at Carpi), and in Campania (at San Giuseppe Vesuviano). This paper examines the role of these small Chinese firms at work in Italy, and the change it has seen in recent years from that of local producers to intermediaries of overseas Chinese enterprises. The presence of Chinese entrepreneurs in Italy and their changing role over time prompt redefinition of the trends in Italo-Chinese economic relations.