Page 90 - Azerbaijan State University of Economics

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

China is Hungary's fourth largest trading partner. Meanwhile, Hungary is China's

third largest trading partner in Central and Eastern Europe. In 2010, the Hungarian
government decided to strengthen its trading partners with the East, known as the
"Open East" policy. This policy coincides with the “One Belt, One Road” policy at
the geographical and target level.

China-Hungary trade has achieved remarkable results, bringing cooperation in
different fields to the people of both countries.

The global spread of COVID-19 has dramatically changed life in most countries in
2020. The measures taken to contain this pandemic have profoundly affected not
only the lives of members of society, but the functioning of economies and the world
economy as a whole. When the epidemic prevention measures are strengthened, the
economies of all countries are experiencing a process of recession, such as the
reduction of resources, the shaking of the financial system, the shrinking of capital,
the reduction of labor force, and the destruction of global value chains. The
epidemic has also led to a rapid adjustment of the demand structure, and the demand
for some services has temporarily disappeared, such as tourism, catering, and event
organizations. COVID-19 has had a different impact on world trade, and it has also
had a different impact on trade with China and Hungary.

LITERATURE
The Silk Road
The Silk Road was an ancient land-based commercial and trade route that originated
in ancient China and connected Asia, Africa, and Europe. Its original function was
to transport silk, porcelain, and other goods produced in ancient China. Later, it
became the main way of communication between the East and the West in many
aspects, such as economy, politics, culture and so on. German geographer
Richthofen (1912), in his book ‘China’, described this term as “from 114 BC to 127
AD, this western transportation road between China and Central Asia, China and
India, mediated by silk trade, was named ‘Silk Road’....” which was quickly
accepted by academia. Later, in the book “the Ancient Silk Road between China and
Syria”, published at the beginning of the 20th century, the German historian Holman
further extended the Silk Road to the West Bank of the Mediterranean and Asia
Minor on the basis of newly discovered cultural relics and archaeological data
(Meng Fanren, 2012).

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