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Nov 09, 2016

Hungary forges closer ties with China

The economic and trade relationship between China and Hungary is deepening and both countries face new opportunities of cooperation in areas of trade, investment and infrastructure

The economic and trade relationship between China and Hungary is deepening and both countries face new opportunities of cooperation in areas of trade, investment and infrastructure, Chinese Ambassador to Hungary Duan Jielong has said.

China Daily reports that the ambassador made the remarks while attending a Chinese-Hungarian meeting of professionals organized by the Hungarian National Bureau of Taxes and Tariffs.

Duan noted that Chinese investments in the Eastern and Central Europe had exceeded 5 billion USD, of which 3.16 billion USD had been invested in Hungary by the end of 2015.

Bilateral trade expanded 9.8 percent year-on-year to 6.49 billion USD in the first nine months of this year, he added.

The news comes after Hungary's central bank governor said Hungary could double the size of its economy by opening up toward the Silk Route.

The move would lead to a 100 billion euro boost to the economy, the centrral bank's György Matolcsy said.

Matolcsy said that 64 countries are located along the Silk Route, starting with China, which means it's a major area for trade.

Adding that two-thirds of the world’s population live in those states, which produce some 40 percent of the global gross domestic product (GDP), he added.

The National Bank of Hungary has already opened towards China, by signing agreements with major Chinese banks, he said.