Viktor Orban, the Hungarian Prime Minister, made a state visit to China from 12-16 May 2017 and also appeared as a specially-invited guest at the Belt and Road Forum for International Co-operation. Both parties agreed to establish a comprehensive strategic partnership. It was also announced that the two countries will work together to promote bilateral co-operation within the policy framework of China’s Belt and Road Initiative and Hungary’s Opening to the East programme.

Additionally, in line with the Memorandum of Understanding with regard to Jointly Building the Belt and Road, as signed by representatives of the two governments, both parties will seek to align their development strategies, while looking to jointly formulate and implement the Outline of the China-Hungary Plan for Co-operation on Building the Belt and Road. They are also to lay the groundwork for the construction of the China-Hungary Centre for the Promotion of Belt and Road Co-operation, while expanding and deepening co-operation in other areas.

Moves will also be made to expand the scale of trade and two-way investment between the two countries and to create an optimised trade structure. Enhanced co-operation with regard to economic, infrastructure construction, transportation/logistics, telecommunications, energy, chemical industry, automobile manufacturing, civil aviation, agriculture, food processing, e-commerce, science and technology, irrigation, environmental protection and exhibition industry development was also agreed.

Following the conclusion of the state visit, the two sides also confirmed their intention to strengthen financial co-operation and promote the use of local currencies in the settlement of bilateral trade and investment transactions. Furthermore, the financial institutions of both countries are now committed to providing financial support and financial services in order to facilitate future trade and investment co-operation.

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