Beijing's Efforts for Greater Presence in Europe; China and Hungary Sign Strategic Cooperation Agreement

During his European trip, Chinese President Xi Jinping signed a strategic cooperation agreement with Hungarian leaders on Thursday, May 9. The Associated Press noted that Xi's goal for this trip is to strengthen China's economic presence in Europe. Hungarian Prime Minister Viktor Orbán praised the 'continuous and uninterrupted friendship' between the two countries since he took office in 2010 and promised that Hungary would continue to host more Chinese investments. He assured Xi that Hungary would continue to provide fair conditions for Chinese companies investing in the country. Orbán also emphasized, 'We will create an opportunity for the most modern Western and Eastern technologies to foster cooperation in Hungary.' Beijing has invested billions of dollars in Hungary and views this EU member as a significant position within the 27-member trade-political bloc. Last December, Hungary announced that one of the world's largest electric vehicle manufacturers, China's BYD, would open its first European electric vehicle factory in the south of the country, a move that could disrupt the competitiveness of the automotive industry in the continent. Xi Jinping began his visit to these three European countries on May 5, at the invitation of French President Emmanuel Macron, Hungarian Prime Minister Viktor Orbán, and Serbian President Aleksandar Vučić, starting with his arrival in Paris.