With the intensifying debt crisis and increasing market pressure on Italy that is feared to be next in line for assistance, Italy is seeking Chinese support for potential investment to ease raging market pressure.

According to an Italian government official speaking on conditions of anatomy, the nation held talks with Chinese officials regarding potential investments in Italy, yet the official diluted market speculation over bond purchases by stating that it was not the focus of the talks that took place in the past few weeks.

Two weeks ago Italian officials head to Beijing to meet with CIC and China's State Administration of Foreign Exchange (Safe). The talks with China clearly come at a critical time when Italian borrowing costs are surging with the swelling debt that is expected to reach 120% of the GDP this year the second highest in the euro area after Greece.

Italy is preparing to sell 7.0 billion euros of bonds, where the treasury today is auctioning 4.0 billion euros of five-year bonds.

The reports that signaled the possibility for China to be interested in buying Italian bonds late Monday and did little to ease the spread woes.