Xi's visit to Hungary and Serbia brings new Chinese investment and deeper ties to Europe's doorstep

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Europe News

Hungary,China,China Government

Most countries in the European Union are making efforts to “de-risk” their economies from perceived threats posed by China. But Hungary and Serbia have gone in the other direction. They are courting major Chinese investments in the belief that the world’s second-largest economy is essential for Europe’s future.

FILE - Chinese President Xi Jinping, left, listens during his joint press conference with Hungarian Prime Minister Viktor Orban following their talks at the PM’s office, the former Carmelite Monastery, in Budapest, Hungary, Thursday, May 9 2024. FILE - Chinese President Xi Jinping, left, speaks during his joint press conference with Hungarian Prime Minister Viktor Orban following their talks at the PM’s office, the former Carmelite Monastery, in Budapest, Hungary, Thursday, May 9 2024.

Xi’s visit, Vegh wrote in a statement, shows that Hungary’s government “remains indifferent to its allies’ concerns and will continue to strengthen its bilateral ties with China in order to position itself favorably in what it perceives as a developing multipolar world.

China has poured billions of dollars into Serbia in investment and loans, particularly in mining and infrastructure. The two countries signed an agreement on a strategic partnership in 2016 and a free trade agreement last year.

 

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