New model for China-Hungary cooperation and development

China and Hungary have entered into a “comprehensive, all-weather strategic partnership for the new era,” as announced by Chinese President Xi Jinping and Hungarian Prime Minister Viktor Orban. This decision will pave the way for enhanced bilateral cooperation and a brighter future for both nations.

The bilateral trade volume between China and Hungary reached 14.52 billion US dollars in 2023, with Chinese direct investment in Hungary totaling 7.6 billion euros. The two countries have also collaborated on the Belt and Road Initiative, with Hungary being the first European country to issue a cooperation document as part of the initiative.

In a significant move, Chinese electric vehicle maker BYD announced plans to build its first European new energy passenger car factory in Hungary, which Hungarian Foreign and Trade Minister Peter Szijjarto described as a historic investment in the country’s economic development.

President Xi highlighted the importance of people-to-people exchanges as a key driving force behind the strong friendship between China and Hungary. Many Chinese universities offer Hungarian courses and the popularity of Confucius Institutes and Classrooms in Hungary is on the rise.

Subnational exchanges and mutual visits are increasing, with direct passenger flights between the two countries also becoming more frequent. President Xi and Prime Minister Orban emphasized the importance of supporting education in both languages and fostering communication and exchanges between the people and institutions of China and Hungary.

Orban expressed Hungary’s unwavering commitment to deepening cooperation with China and rejected the notion of China’s development posing a risk to Europe. He affirmed Hungary’s determination to strengthen ties with China for mutual benefit.

The partnership between China and Hungary represents a significant opportunity for both countries to enhance cooperation in various fields, including trade, investment, and education. The decision to establish a comprehensive strategic partnership sets the stage for a new chapter in Sino-Hungarian relations, bringing about increased collaboration and mutual prosperity.

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