Chinese President Xi Jinping pledged more rail and energy investments in Hungary to serve as China’s gateway to the European Union, while drawing support from Prime Minister Viktor Orban for Beijing’s pushback against the West’s accusations of “overcapacity.”
Xi made promises in Budapest on Thursday, after stops in France and Serbia, to build infrastructure that will help distribute products across the trading bloc from Chinese factories planned in the Eastern European country. Hungary’s cash-strapped government is trying to secure financing and new stimulus for the economy, on top of the billions of dollars pledged by Chinese companies in recent years, especially in the electric car industry.
The Chinese leader has urged Europe to work with him to overcome trade tensions that threaten to derail a global economic recovery and keep Hungary as an EU member, where Beijing has managed to build a strong relationship build. “We will strengthen cooperation in our development strategies and deepen ties in trade, finance and our economies,” Xi said at a joint press conference with Orbán.
