Page 94 - Azerbaijan State University of Economics

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

At the beginning of the Chinese government's The “Belt and Road” initiative,

Europe was relatively cautious. However, with the introduction of the corresponding
measures for China's implementation of the “Belt and Road” initiative, Europe
became relatively pragmatic and supported by practical actions. Historically, Europe
has been the end of the Silk Road. Today, Europe is also an important partner and
stakeholder in the construction of OBOR.

It is conducive to practical cooperation between two sides and the expansion of the
integration of interests. Of course, promoting the strategic docking of two sides also
faces many challenges, including differences in cognition and ideas, as well as
differences in practical interests, which requires China and the EU to jointly meet
the challenges and resolve differences. China has accumulated a lot of experience in
the field of infrastructure construction. The cooperation in energy and energy
efficiency projects are very important for the transformation and upgrading of
China's industry, It is also an important area for the future development of China's
economy.

Economic
China remains one of the fastest growing economy and the main contributor to
global economic growth in the world. The annual production surplus of China is
800-900 billion USD, which in itself meets the world's 16th largest economy.
Particularly interesting is that China's economy is becoming more dominant in Asia.
The three largest national economies after China; Japan, India and South Korea’s
joint economic performance in 2016 (8,000 billion USD) is only 65.3% of the total
Chinese (Trading economics, 2017).

the GDP in Hungary was worth 139.14 billion US dollars in 2017. The GDP value
of Hungary represents 0.22 percent of the world economy. GDP Growth Rate in
Hungary averaged 0.61 percent from 1995 until 2018.Hungary continues to be one
of the leading nations in Central and Eastern Europe for attracting foreign direct
investment: the inward FDI in the country was $119.8 billion in 2015, while
Hungary invests more than $50billion abroad. As of 2015, the key trading partners
of Hungary were Germany, Austria, Romania, Slovakia, France, Italy, Poland and
the Czech Republic. Major industries include food processing, pharmaceuticals,
motor vehicles, information technology, chemicals, metallurgy, machinery,
electrical goods, and tourism (Trading economics, 2017).

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