Page 102 - Azerbaijan State University of Economics

Yang Zhifang, Zhang Jieqian, Rudnák Ildikó: China-Hungary Trade Relations
Under The Belt And Road Initiative

Hungary has obvious advantages such as geographical advantages and cross-border

e-commerce. During the COVID-19 period in Hungary, the logistics systems such as
China-Europe freight trains and overseas warehouses have maintained work
efficiency, and they have also opened regular direct cargo flights from many places
in China to the capital Budapest in a timely manner. Today, China is one of
Hungary's largest and most stable trading partners outside Europe.

CONCLUSION
The Belt and Road initiative has brought growth to the trade between China and
Hungary since its inception. Despite the impact of the new crown pneumonia
epidemic, the bilateral trade volume between China and Hungary has maintained
growth in 2020. During the COVID-19, Chinese and Hungarian companies canceled
their previous offline business meetings and exhibitions, but these events were soon
re-hosted online. China has become Hungary's most important trading partner
outside Europe, and the pragmatic and cooperative relations between Hungary and
China are exemplary in the fields of economy, trade, investment or finance.

“The Belt and Road” includes political, trade, currency, facilities and other fields.
China Hungary is an important partner that is carried out in the context of initiatives.
Economic and trade cooperation under this framework also has played coordination
and guiding role in global resource issues, climate change, ecological environmental
protection. Through the mutual cooperation between “The Belt and Road”, the
economic and trade cooperation between the China Human Council has also
undergone profound changes. With the acceleration of economic globalization, the
trade volume has gradually increased. Trade with Hungary in the future will also
develop in the direction of steady growth. From the perspective of the trade
relationship between the two countries, China occupies the status of trade surplus in
the economy. However, structural surplus also needs to continue to study, so that
China and Hungary finds benign and stable growth balance points in trade, and
thereby achieving mutually beneficial trade activities.

In terms of goods, transportation equipment, electromechanical products and
chemical products are the main products of Hungary's exports to China. The trade
commodities in the two countries have certain similarities and competitiveness. The
bilateral trade volume in China presents growth trends.

The core of “The Belt and Road” is to promote international trade. The expansion of
economic and trade and cultural exchanges has also enabled culture between
countries more frequently, especially in new fields, has become an inevitable trend
in the future development of the world.

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