Hungarian government and Bank of China sign strategic cooperation agreement – UPDATE

Praising the agreement, Tian affirmed the Bank of China’s support for Hungary’s economic and social progress. He said the Hungarian government’s eastern opening strategy was perfectly in line with that of China’s One Belt, One Road initiative aimed at establishing a link between East Asia, the Middle East, Africa and Europe.

Tian presented a 20 million forint (EUR 64,540) grant to the Hungarian-Chinese Bilingual Primary and Secondary School, which the school will use to set up a Chinese language lab.

Under the pact, the bank will contribute to financing Hungarian projects in line with the goals of the One Belt, One Road initiative, Szabo said, adding that in the future, the BoC will encourage further Chinese investments in Hungary.

Hungary wants to become a “bridgehead” for Chinese goods and services destined for Europe, and vice versa, he said.

The agreement will also strengthen the BoC’s ties with Eximbank and the Hungarian Investment Promotion Agency (HIPA), and the bank will also promote Hungary in China as a viable European investment destination, he said.

Szabó noted that in 2015 Budapest became the home of the BoC’s first renminbi (RMB) clearing centre in Europe outside the euro zone.

Photo: MTI

Source: MTI