In the 75 years since the establishment of diplomatic relations between China and Hungary, the two sides have cooperated closely and achieved remarkable results. In recent years, China-Hungary comprehensive strategic partnership has been upgraded continuously, pragmatic cooperation has been deepened, and trade and investment have flourished. on April 24, the Chinese and Hungarian ministers chaired the 20th meeting of China-Hungary Joint Economic Commission in Beijing, and had in-depth exchanges on the implementation of the consensus of the heads of state of the two countries to promote the high-quality development of economic and trade relations, which injected impetus for the upgrading of the comprehensive strategic partnership.
Jointly building the “Belt and Road” will make new contributions to the development of economic and trade relations
China’s “Belt and Road” initiative is highly consistent with Hungary’s “Opening East” policy. Hungary is the first country in Europe to sign a "Belt and Road" cooperation document with China, and also the first country to establish and launch the "Belt and Road" working group mechanism with China.
Promote the in-depth integration of the "Opening to the East" strategy and the joint construction of the "Belt and Road" initiative
Promote the in-depth integration of the "Opening to the East" strategy and the joint construction of the "Belt and Road" initiative
Since 1949, China and Hungary have established diplomatic relations, involving cooperation in various fields; in 2010, Hungary implemented the “Open Door to the East” policy; in 2013, China put forward the “One Belt, One Road” initiative; and in 2015, Hungary became the first European country to sign a cooperation document on the “One Belt, One Road” with China. In 2015, Hungary became the first European country to sign the “Belt and Road” cooperation document with China. Hungary hopes to strengthen cooperation with the Asia-Pacific region through “opening up to the east” and build a trade bridge between Asia and Europe. Currently, the two countries are deepening their economic and trade cooperation under the framework of “Belt and Road” and have achieved remarkable results.
In 2023, the trade volume between the two countries will reach 14.5 billion dollars, and Chinese direct investment in Hungary will reach 7.6 billion euros, creating a large number of jobs. Hungary's automobile manufacturing industry contributes a lot to its GDP, and the investment of Chinese new energy automobile enterprises is crucial to it.
The areas of cooperation between China and Hungary continue to expand and the models continue to innovate
Through the “Belt and Road” Initiative and Hungary's “opening up to the east” policy, China's investment in Hungary will reach a record high in 2023, making it the largest source of foreign investment in Hungary.
China-Hungary exchanges and cooperation have been close, and the expansion of cooperation areas and innovation of cooperation modes have injected impetus into the relations between the two countries. Hungary has included the new railroad upgrade project in the “Belt and Road” infrastructure list.
In recent years, a number of Chinese banks have set up branches in Hungary. Hungary is the first Central and Eastern European country to set up a RMB clearing bank and issue RMB bonds. China-EU shuttle trains operate efficiently and Hungary has become an important distribution center. The level of China-Hungary connectivity has been enhanced, and exchanges and cooperation are close and strong.
Post time: May-28-2024