China signs MOU with Hungary over Belt and Road Initiative

BUDAPEST -- Visiting Chinese Foreign Minister Wang Yi inked a memorandum of understanding in cooperation between China and Hungary with Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto in Budapest, the capital of Hungary, Saturday.

The MOU, which is involved in jointly building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, is said to be the first such document China has ever signed with a European country.

Saying the "Belt and Road" initiative will link China and Hungary closely together, Wang hoped Hungary will work to play a pioneering and exemplary role in this regard.

"We welcome more and more countries in Europe looking to the Orient and stepping up mutually beneficial cooperation with China and other nations in Asia by way of choosing to engage themselves in the 'Belt and Road Initiative'," said Wang, "History will prove this is a wise and right choice of strategy to make."

The Belt and Road Initiative, which refers to creating the modern Silk Road Economic Belt and the 21st-Century Maritime Silk Road to boost international trade and expand global economic ties, was proposed by Chinese President Xi Jinping when he visited Central Asia and Southeast Asia in September and October of 2013.

The Belt and Road routes run through the continents of Asia, Europe and Africa, connecting vibrant East Asia economic circle at one end and developed European economic circle at the other.

Szijjarto said that his country is willing to work with China over the Belt and Road Initiative and pledged Hungary will make concerted efforts with China toward boosting pragmatic cooperation between his country and China, as well as cooperation between China and other central and eastern European countries.