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Nov 29, 2017

PM Orbán: Hungary and China have strengthened their cooperation in all fields

Chinese-Hungarian cooperation has continued to improve in recent years, with an over 10 percent increase in trade last year and a 20 percent growth in Hungary’s sales to China

Prime Minister Viktor Orbán has said that Hungary and China have strengthened their cooperation in all fields following talks with Chinese Premier Li Keqiang in Budapest.

PM Orbán said that all European countries wish to partake in China’s enormous development and they can offer much in return. Hungary “has a good starting position” in this competition. “Central and eastern Europe has an enormous development potential,” the prime minister said.

With an annual export of 600 billion HUF (2.28bn USD), Hungary is the biggest exporter to China from among the central and eastern European countries, and attracts the most Chinese investors, the prime minister said. He added that for its vigorous annual growth of 6-7 percent, forecast for the coming years, China will need large quantities of imports.

PM Orbán also highlighted that Eximbank has received a 500 million USD credit line. BorsodChem has got a 217 million USD investment loan, while an electric bus plant in Komárom has received a 20 million USD loan.

Chinese-Hungarian cooperation has continued to improve in recent years, with an over 10 percent increase in trade last year and a 20 percent growth in Hungary’s sales to China.

The prime minister also attended the opening of the first Asian Financial Cooperation Alliance (AFCA) summit meeting held outside of China, in Budapest. 

PM Orbán said the rise of China heralds a new era and will remain a dominant long-term trend in the global economy.

China’s economy is growing at a blistering pace, which will lead to enormous import demands and the country will eventually need to expand its production capacities abroad, PM Orbán said. Hungary has a good starting position in the global competition to benefit from the opportunities that will arise from these developments, he added.

Hungary is the best-placed country in the central and eastern European region in the race to cooperate with China, PM Orbán said. He highlighted how Hungary is the region’s top exporter to China as well as the top regional destination for Chinese investments.

In addition, tax rates are low, economic policy is based on common sense rather than ideology, Hungary’s geographic location is favorable to China and the two countries mutually respect one another, PM Orbán said.