China's growing economy very important for Hungary, world, says official

BUDAPEST -- China's growing economy is a very important element for Hungary and the world, Mihaly Patai, deputy governor of Hungary's central bank Magyar Nemzeti Bank, told Xinhua on Tuesday.

"It is very important for Hungary that the Chinese economy is growing this year as well, like it was growing last year, since last year was very important for the world economy," Patai said.

The "continuing growth of the Chinese economy was a stabilizing factor in the world economy" in the midst of the COVID-19 pandemic, Patai said.

"The economic cooperation between Hungary and China is strong, and is getting stronger each year," he said, listing two specific examples to illustrate the strong friendship between China and Hungary.

On one hand, Hungary got healthcare equipment from China during the pandemic year which was very important for the safety of the Hungarian population, Patai said.

On the other hand, on the financial side, Hungary has strong cooperation with the People's Bank of China, Patai added.

"We do believe that the strong cooperation in finances, and in general in the economic sector will continue, and as far as it concerns Hungary, we will do our best to continue," he added.

China became the biggest direct foreign investor in Hungary in 2020, Patai revealed.

He also stressed that Hungary is not only part of the Belt and Road Initiative, but was the first European country to sign the BRI cooperation agreement with China.

Besides, Hungary is also part of the cooperation mechanism between China and Central and Eastern European Countries, and these relationships are growing and getting more and more important, he said.

Patai noted two major current projects to be conducted under the framework of the BRI, which are of great importance for the Hungarian economy and the Hungarian society.

One is the Belgrade-Budapest railway project. "It will increase the capacity of the modern railroad in Central Europe, and it is part of the Silk Road," Patai said.

The other is that China's Fudan University will open its first foreign campus in Budapest, which he said would be another huge step forward in the BRI for both Hungary and China.