China’s Xi Finishes Europe Tour in Hungary, Meets Orban

China’s Xi Finishes Europe Tour in Hungary, Meets Orban

Why then, did the Chinese president choose Hungary for the last leg of his trip to Europe? Well, as you mentioned, while others have been sort of more critical, especially in the West when it comes to the trade relationship with China. Hungary’s prime minister, Viktor Orban, has gone really all in and has things to show for it, actually. There have been major Chinese investments, especially in the electronic vehicle, the heavy industry talk. We’re talking battery plants. Recently, by the way, Chinese EV powerhouse car maker announced that setting up its first plant in Hungary. So those are all the reasons why Hungary is embracing China and for President Xi. Hungary is an EU country and for him, as he’s trying to right track the EU trade relationship, he’s pointing to Hungary saying this is what that relationship could look like. Really interesting. Zoltan, what are you going to be watching for you and the team in terms of building out this economic relationship between Hungary and China in the next 12 to 24 hours? Are we expecting more deals to be signed and will they be of consequence? We shall see. On whether they are to be of consequence. Prime Minister Orban for sure hopes that they will be. More than a dozen agreements are expected to be signed. Hungary is the only participant in the EU of the Chinese Global Infrastructure Project, the Belt and Road Initiative. Currently, there’s the Belgrade Budapest rail line that’s being built, and Hungary is looking to actually expand its participation there, trying to bring in more rail organization projects, energy projects, and very importantly, that Hungary’s budget is cash strapped. So it’s looking to lock in Chinese financing for many of these investments.

President Xi Jinping is in Budapest, where he is due to sign more than a dozen agreements covering rail, road and energy projects with Hungarian Prime Minister Viktor Orban. Xi is on the final leg of his European tour designed to promote China’s potential as a trade partner. Bloomberg’s Zoltan Simon reports.
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