China Elevates Ties with Hungary to Comprehensive Strategic Partnership Amid European Tour

Budapest, The Gulf Observer: China and Hungary have upgraded their bilateral relations to an all-weather comprehensive strategic partnership for the new era, showcasing China’s commitment to enhancing collaboration with Central and Eastern European (CEE) nations. The announcement was made during Chinese President Xi Jinping’s state visit to Hungary, the final leg of his recent three-nation tour across Europe.

This development follows closely on the heels of China’s decision to establish a community with a shared future with Serbia, elevating their relationship from a comprehensive strategic partnership established eight years ago. President Xi’s visit to both Hungary and Serbia underscores China’s determination to strengthen ties with the Central and Eastern European region.

During discussions with Hungarian Prime Minister Viktor Orban, President Xi emphasized the robust momentum of China-CEE cooperation and expressed hope for Hungary’s continued pivotal role in advancing mutual cooperation to benefit both nations.

Highlighting the current zenith in China-Hungary relations, President Xi lauded their comprehensive strategic partnership, which has witnessed substantial progress with deepened political trust and fruitful cooperation across various sectors. Their collaboration serves as a model for fostering a new type of international relations based on mutual respect and win-win cooperation.

The CEE countries, as emerging markets, hold significant potential, particularly in connectivity and energy investment. Since 2012, collaboration with China has not only spurred economic and social development in the region but also facilitated the European integration process.

This strategic alignment has been reinforced by a surge in investment flows, with China’s investment in CEE witnessing a notable increase. In the first quarter of 2024 alone, Chinese investment in the CEE region soared by 36.35 percent compared to the previous year, amounting to approximately $450 million. Cumulatively, Chinese investment in the CEE region has surpassed $5.2 billion as of March 2024.

Hungary, for instance, has emerged as a prime destination for Chinese investment, attracting substantial foreign direct investment in various sectors. The Hungarian government looks forward to further collaboration with China in areas such as foreign trade, capital investment, infrastructure, logistics, artificial intelligence, and new energy.

Similarly, Serbia has experienced significant benefits from Chinese investment, positioning itself as an attractive destination for foreign direct investment. Collaborative projects under the Belt and Road Initiative, such as the Belgrade-Budapest Railway and the Port of Piraeus in Greece, have bolstered economic development and connectivity in the region.

As President Xi’s visit to Europe unfolds amidst geopolitical dynamics, China’s deepened cooperation with Serbia and Hungary serves as a testament to the tangible benefits of partnership and collective progress. This success story not only underscores the mutual benefits derived from collaboration with China but also inspires other CEE countries to explore similar avenues of cooperation for shared prosperity and development.