Liu Haifeng (R), President of ZTE ITS CO., Ltd. on a signing ceremony with a representative (L) from Europe Parking System Co., Ltd. on Nov.26, 2015. (People's Daily Online/Yuan Can)

A city in south China, whose name cannot be disclosed at present, will introduce a smart parking system offering 10,000 parking places with the support of a Hungarian company, said Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó at a signing ceremony in Beijing on Thursday.

China witnesses fast increase in car ownership in recent years, but the difficulty in parking troubles car owners. To tackle this problem, China’s ZTE along with Europe Parking System (EPS), a company in Hungary, will start a pilot project in a city in south China to promote smart parking systems, said Liu Haifeng, President of ZTE ITS CO., Ltd.

Liu introduced that ZTE aims to develop a way adapted to China’s market using advanced technical and managing experiences of EPS.

According to the official website of the company, its experts are involved in the establishment of the current parking system in Budapest, capital of Hungary. A complex parking management system has been operational in the Hungarian capital for 12 years.

The smart parking system will be based on a joint venture up to USD 1.53 million and will enable mobile payment.

This system will adopt remote monitoring devices for better management and services, Liu added. If the pilot project has positive results, ZTE will promote the system nationwide.

Although Hungary is good at technical innovation, the country experienced “historical tragedy” that other parties tended to acquire their new technology at the beginning stage of innovation, said the Minister. “I appreciate that Chinese enterprises are willing to co-develop new technology with Hungary,” he said.

Another three agreements were signed at the ceremony including an USD 30,000 education agreement between China's telecommunication enterprise Huawei and Gyori Szechenyi Istvan University in Hungary for Information Communication and Technology studies, a USD 1.4 billion leasing agreement according to which Wizz Air Hungary Ltd will lease 11 A321 aircraft from China's Construction Bank Financial Leasing Corporation, and an investment agreement between China Development Bank and the Hungarian Export-Import Bank Ltd.