China, Hungary embrace new economic cooperation opportunities under all-weather comprehensive strategic partnership for the new era

Chinese and Hungarian national flags are seen hoisted in Budapest, Hungary, May 8, 2024. Photo: Xinhua

On the occasion of the 75th anniversary of the establishment of diplomatic relations between China and Hungary, the two sides decided to elevate the current comprehensive strategic partnership to an all-weather comprehensive strategic partnership for the new era, which experts said on Friday will provide new economic and trade cooperation opportunities for the two countries.

Embracing the elevated partnership, China and Hungary will eye strengthened cooperation in infrastructure construction, agriculture, digital economy, green development as well as other emerging industries. Moreover, the pragmatic and fruitful achievements the two countries reaped have set a good example for China's collaboration with other European countries, analysts noted.

According to a joint statement, the enhanced cooperation in infrastructure construction under the China-proposed Belt and Road Initiative (BRI) is highlighted.

The two countries are willing to actively promote the construction of the Hungarian section of the Hungary-Serbia Railway, and jointly promote high-level connectivity in Central and Eastern Europe.

In addition, the two sides will support the sound and steady development of the China-Europe Land-Sea Express Line, and promote connectivity and trade between China and Hungary.

The two sides spoke highly of the development of the China-Europe Railway Express between China and Hungary, and agreed to establish an inter-governmental cooperation mechanism on the China-Europe Railway Express, promote infrastructure connectivity, and jointly take practical measures to ensure the security of the transport routes and improve the quality and efficiency of the China-Europe Railway Express, so as to provide important support for deepening economic and trade cooperation between the two countries.

Moreover, the two sides recognized the huge potential in agricultural cooperation between the two countries and will strengthen economic, trade and investment cooperation between agricultural enterprises of both sides, widen market access, promote the cooperation of "small and beautiful" projects, and strengthen cooperation in areas such as animal health and joint research and development of deep processing technologies for agricultural products.

The latest achievement of bilateral agricultural cooperation is that China's General Administration of Customs announced on Friday that it has allowed, effective immediately, the import of Hungarian fresh cherries that meet relevant requirements.

According to the statement, the two sides will promote orderly cooperation in emerging fields including clean energy, artificial intelligence, mobile communication technology and nuclear energy and technology. They will deepen cooperation in the digital economy and green development, foster new drivers of trade and economic growth, expand the scope and depth of economic and trade cooperation, and jointly safeguard the stability and security of industrial and supply chains.

The two sides will also further deepen cooperation on finance, encourage financial institutions of both sides to provide financing support and financial services for trade and investment cooperation, further tap the cooperation potential in green finance and other fields, and continue to jointly issue green Panda bonds.