In a significant move, Chinese President Xi Jinping and Hungarian Prime Minister Viktor Orbán met in Budapest on Thursday to elevate their bilateral relationship to an all-weather comprehensive strategic partnership for the new era. This announcement marks a deeper collaboration between the two nations, emphasizing mutual growth and strategic alignment.
During the final leg of his European tour, President Xi pledged that Beijing would work closely with Budapest to enhance the synergy between the Belt and Road Initiative (BRI) and Hungary's Eastern Opening strategy. This collaboration aims to boost economic ties and infrastructure development, benefiting both countries.
Hungary, a member of both NATO and the EU, has long viewed Beijing as a reliable partner. It was among the first European nations to establish diplomatic relations with China in 1949 and has been a pioneer in integrating Chinese initiatives within Europe. Notably, Hungary hosts the first RMB clearing center in Central and Eastern Europe, highlighting its strategic role in regional finance.
The Eastern Opening strategy has been pivotal in driving Beijing-Budapest cooperation. As a result, Hungary has emerged as China's top investment destination in the CEE region and a key trading partner. Official data reveals that one-sixth of Hungary's foreign direct investments come from Chinese investors, underscoring the depth of their economic relationship.
Hungarian Foreign Minister Péter Szijjártó emphasized the importance of eastern cooperation, stating, \"There is a large workforce and highly developed technologies in Eastern economies. It’s obvious that a country cannot operate economically successfully if it doesn't have cooperation with the East.\" This sentiment reflects the strategic vision that both nations share for future growth and prosperity.
Reference(s):
Shared value takes China-Hungary relationship to golden voyage
cgtn.com
