Economic Development Minister builds relations in China

Márton Nagy, Economic Development Minister, met with Liu Jin, the president of the Bank of China, China Construction Bank chairman Tian Guoli, and executives of Huawei.

Márton Nagy, Economic Development Minister, has met Liu Jin, the president of the Bank of China, for talks during his official visit to China.

Li Kexin, the CEO of the Bank of China Magyarország, also travelled to Beijing for the talks. The sides discussed the state of Hungarian-Chinese financial and economic ties, including challenges, and possible areas in which cooperation could be expanded, such as financing for investments. Hungary wants to become a regional financial hub that could serve as a bridgehead for Chinese financial institutions, Nagy said. Hungary has fostered “excellent ties” with Chinese lenders who already have a presence in the country: Bank of China, China Construction Bank Corporation, China Development Bank and the Asian Infrastructure Investment Bank (AIIB), he added. Chinese companies provide the livelihood for around 16,000 Hungarian families, the ministry said.

Minister Nagy also held talks with China Construction Bank chairman Tian Guoli in Beijing. Minister Nagy paid a visit to China Construction Bank’s Fintech Center. He highlighted the importance of actively fostering connections and deepening the role of economic and financial ties between Hungary and China. Chinese companies, both in industry and in finance, are “at the forefront” in terms of innovation, giving even greater value to knowledge transfer and cooperation, he said. Chinese companies have made Hungary a “priority target” for investments in Central and Eastern Europe, he said. Hungary wants to strengthen its role as an “economic bridge” and China Construction Bank is a partner in that endeavour, paving the way for the entry of more Hungarian companies onto the Chinese market and supporting new Chinese investments in Hungary, in areas such as renewable electricity and electromobility, he added. China Construction Bank opened a branch in Hungary in April 2023.

Minister Nagy also met with executives of Huawei at the Chinese ICT company’s Exhibition Centre in Beijing. Minister Nagy met with Zhang Hengan, the head of the sales financing division, Weihie Gao, the company’s CEO for Hungary and the Western Balkan region, and Jason Xie, who heads Huawei Magyarország. The digital transformation of industry was the main topic at the talks. Huawei, a strategic partner of Hungary’s government, provides a livelihood for 2,000 Hungarian households.

Photo credit: MTI