China and Hungary have recently solidified their bilateral relationship by agreeing to develop an “all-weather comprehensive strategic partnership for a new era.” This decision was made during negotiations between Chinese President Xi Jinping and Hungarian Prime Minister Viktor Orban, setting the stage for future cooperation between the two countries.
The relationship between China and Hungary has been flourishing, with bilateral trade volume reaching $14.52 billion in 2023, reflecting a 73 percent increase compared to 2013. Additionally, China’s direct investment in Hungary reached 7.6 billion euros in 2023, making up 58 percent of Hungary’s total foreign direct investment. The cooperation between the two countries under the One Belt, One Road initiative has further strengthened practical cooperation in trade, investment, finance, and other areas.
One significant investment that highlights the deepening relationship between China and Hungary is Chinese electric vehicle maker BYD’s construction of its first European new energy passenger car plant in Hungary. This investment has been praised as one of the most significant in Hungary’s economic history.
President Xi Jinping has emphasized the importance of the people-to-people connection in strengthening China-Hungary relations, encouraging more exchanges between the two peoples. Hungarian students’ interest in studying in Chinese universities and the growing popularity of Chinese language courses in Hungarian universities demonstrate the increasing cultural ties between the two countries.
President Xi also expressed China’s willingness to work with Hungary to enhance cooperation and deepen bilateral ties through initiatives like the Belt and Road Initiative. Hungarian President Tamas Sulek echoed this sentiment, highlighting Hungary’s commitment to strengthening cooperation with China.
Overall, the deepening relationship between China and Hungary is a testament to the potential for collaboration between the two nations. Both leaders are committed to promoting mutual understanding and cooperation in various areas, ensuring a brighter future for both Chinese and Hungarian people.
For more information on the China-Hungary partnership and future cooperation efforts, please visit CGTN’s website at https://news.cgtn.com/news/2024-05-10/China-Hungary-outline-new-blueprint-for-cooperation-development–1ttv3ZdOCfC/p.html.
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