Embassy of Hungary Beijing

Economic relations with China have gained new impetus with the announcement of the ‘Opening to the East’ policy of Hungary, and the past few years have been marked by countless results. Central banks of the two countries signed a currency swap agreement, while the two export-import banks also inked a credit line agreement. One of the most important infrastructure development project of the Central and Eastern European region, the modernization of the Budapest-Belgrade railway line would be realized mainly with Chinese financial assistance. Another major development was the re-opening of the Budapest-Beijing direct flight in 2015 May, which helped to achieve a nearly 40% increase in the number of Chinese visitors to Hungary in 2015.

Chinese investments in our country have also shown steady growth recently. Bank of China, one of China’s biggest commercial bank, established its regional center in Budapest, which operates as Europe’s fifth Renminbi clearing center as well. Leading chemical industry company Borsodchem’s acquisition by Wanhua Industrial Group created the third biggest isocyanate-producer of the world, and the largest TDI manufacturer of Europe. Huawei set both its European supply center and its logistic center in Hungary, the latter responsible for the whole European and Middle Eastern region. The world’s largest manufacturer of tire mold, Himile established its European manufacturing base near Székesfehérvár, and both leading telecommunication equipment producer Lenovo and automotive interior manufacturer Yanfeng expanded their production capacities. It is also important to mention the projects of China BBCA Group Corporation’s citric-acid plant in Szolnok and BYD’s first European electric bus factory in Komárom.

Main Indicators of bilateral economic relations can be found in the third chapter of the ’Statistics’ sub-page. [link]

Main Bilateral Economic Agreements

Investment Guarantee and Double Taxation Agreement (1991)
Treaty on Mutual Civilian and Commercial Legal Aid (1995)
Agreement on the Approved Destination Status of Hungary (2003)
Economic Cooperation Agreement (2004)
Credit Line Agreement between EXIMBANK and China EXIM (2013)
Bilateral Swapline Agreement between Central Bank of Hungary and People’s Bank of China (2013, renewal: 2016)
Memorandum of Understanding between the Government of Hungary and he Government of the People’s Republic of China on Jointly Building the Silk Road Economic Belt and the 21st Century Maritime Silk Road (2015)

Priority Sectors of Bilateral Cooperation