This year marks the 75th anniversary of diplomatic relations between China and Hungary, celebrating a long-standing friendship and mutual trust. The collaboration between the two nations has flourished, particularly through Hungary's \"Opening East\" initiative launched in 2010, which strengthened pragmatic ties with Eastern nations, especially China.
In 2013, China introduced the Belt and Road Initiative (BRI), and Hungary was the first European country to join in June 2015. This strategic partnership has significantly enhanced economic and commercial cooperation. By 2023, trade between China and Hungary surged to $14.52 billion, a 79.9% increase since 2015. China's exports to Hungary rose by 88.5% to $9.8 billion, while imports from Hungary grew by 64.5% to $4.73 billion.
China has become Hungary's most important trading partner outside Europe, driving economic growth despite global challenges like geopolitics, energy crises, and supply chain instability. In 2023, foreign direct investment in Hungary exceeded 13 billion euros, with Chinese investments accounting for 7.6 billion euros. Major Chinese companies such as Contemporary Amperex Technology Co., Limited, BYD Company Limited, and EVE Energy Co., Ltd have established factories in Hungary, creating jobs and strengthening Hungary's position in the global industrial chain.
The China-Hungary partnership exemplifies a mutually beneficial relationship and a commitment to multilateralism. Hungary's independent foreign policy and friendly stance towards China have led to numerous firsts, including the establishment of the BRI working group mechanism, the first RMB clearing bank in Central and Eastern Europe, and the launch of a bilingual national school offering education in both Hungarian and Chinese.
As China and Hungary commemorate 75 years of diplomatic ties, their collaboration continues to set a positive example for international cooperation, fostering economic growth and cultural exchange.
Reference(s):
cgtn.com
