Page 92 - Azerbaijan State University of Economics

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

This paper analyzes the problems of China's investment in Central and Eastern

Europe under the new situation, and believes that China should seize the "window
period" of investment in Central and Eastern Europe, and analyze the main
investment characteristics and challenges. Long and Shi (2016) borrowed the export
market similarity index and trade density index. According to the trade index ata and
in-depth analysis, it is concluded that there is a significant and stable trade
complementarity between China and CEE countries. Szunomar (2014) “China's
investment and financial participation in Hungary” wrote, The main objective of the
Hungarian government's China policy has been of an economic nature since 2003.
Good political relations were, and are now, a tool, not an end. The purpose is to
facilitate and possibly facilitate bilateral trade restructuring, relatively reducing trade
deficits and China's foreign direct investment flows in to create employment
opportunities. Today, the China-Europe freight train has started operation, and
China's investment in Central and Eastern Europe is gradually increasing. It is
precisely because of the deepening of the economic relationship between the two
sides that it is possible to lay the foundation for the further development of
subsequent economic and trade cooperation.

Affected by COVID-19
COVID-19 is an infectious disease caused by severe acute respiratory syndrome
coronavirus. The first known patient of the disease was diagnosed in Wuhan, China
in late 2019, and the disease has since spread globally, leading to an ongoing
outbreak that has become one of the deadliest epidemics in human history. As of
November 28, 2021, more than 261 million confirmed cases have been reported
worldwide, and more than 5.198 million patients have died, which is still spreading.
Estimates of the case fatality rate of the disease vary widely among countries around
the world. As of February 8, 2021, the global preliminary revised case fatality rate is
about 2.9% (World Health Organization, 2021).

In 2020, under the influence of the raging new crown pneumonia epidemic sweeping
the world and the severe contraction of world trade, Hungary's trade also showed a
sharp decline. In 2020, Hungary's trade in goods totaled US$235.664 billion, down
3.57% year-on-year, of which exports were US$120.311 billion, down 2.82% year-
on-year, and imports were US$235.664 billion, down 3.57% year-on-year (World
Trade Organization, 2020).

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