Orban: The rise of China heralds a new era

Hungary's government had understood that the rise of China heralds a new era and will remain a dominant long-term trend in the global economy, and launched its "opening to the east" policy in 2010, Prime Minister Viktor Orban recalled at the opening of the first Asian Financial Cooperation Alliance (AFCA) summit meeting in Budapest on Tuesday. He stressed that ever ince, Hungary has been "the first country to react to every move": it was the first to welcome the presidential Belt and Road Initiative, and attend a meeting and sign an agreement about the scheme.

China's economy is growing at a blistering pace, which will lead to enormous import demands and the country will eventually need to expand its production capacities abroad, Orban said. Hungary has a good starting position, it's the best-placed country in the central and eastern European region in the race to cooperate with China, Orban said, arguing that Hungary is the region's top exporter to China as well as the top regional destination for Chinese investments. In addition, tax rates are low, economic policy is based on common sense rather than ideology, Hungary's geographic location is favourable to China and the two countries mutually respect one another.

According to the PM some European leaders think that the 2008 global economic crisis was about economic cycles, and "that things will eventually get back to how they were and nothing can be done about it". But other countries like Hungary, he stressed, believe the crisis was a structural one and that Europe is in need of reforms in order to stay competitive.

Viktor Orban also attended a press conference with Chinese Prime Minister Li Keqiang later on Tuesday. Both parties stressed the excellent nature of the cooperation and that it's based on mutural respect. Both see great opportunities in China's cooperation with our region and favour more Chinese investments in Hungary.