During Chinese President Xi Jinping's recent visit to Hungary, significant economic agreements were reached, solidifying China's position as a key ally in the region. Hungary, unlike many other EU countries, has embraced Chinese investments, viewing them as crucial for Europe's future.
Following discussions with Prime Minister Viktor Orbán, a new era of economic cooperation was announced, including plans for a joint Hungarian-Chinese railway bypass and a high-speed train link in Budapest. Additionally, agreements were made to expand cooperation in the nuclear industry, electric vehicle infrastructure, and an oil pipeline between Hungary and Serbia.
Similarly, Serbia has also welcomed Chinese investments, with President Aleksandar Vucic signing agreements with Xi to enhance bilateral ties. China's interest in these countries is seen as a strategic move to counter Western influence and promote its vision of the international order.
While Hungary and Serbia's alignment with China has raised concerns among Western partners, both countries continue to deepen their ties with Beijing. Hungary's pursuit of Chinese investments, including a major EV production factory, aims to boost its economy and maintain competitiveness in the global market.
Despite criticism and frozen EU funds over democratic concerns, Hungary remains committed to its partnership with China, signaling a shift in economic alliances within the EU. The influx of Chinese capital not only benefits Hungary's economy but also allows China to navigate around tariffs and protectionist policies in Europe.
As Hungary and Serbia strengthen their economic relations with China, the geopolitical landscape in the region is evolving, with implications for both the Euro-Atlantic community and EU integration efforts.
