Chinese leader Xi Jinping will spend the bulk of his five-day tour in Europe this week in two small countries at the continent’s eastern half
A Chinese flag is placed near flowers on a monument at the site of a former Chinese Embassy in Belgrade, Serbia, Monday, April 29, 2024. During NATO bombing campaign, in 1999, jets bombed the Chinese Embassy in Belgrade, killing three people and at least 20 were injured. , Hungary and Serbia. , a region that Beijing has used as a foothold for its expanding economic ambitions in Europe.
“The Hungarian government is the last true friend of China in the whole EU,” Matura said. “It is very important now to the Chinese to settle down in a country that is within the boundaries of the EU ... and is friendly to the Chinese political system.” Márk Schiller, the strategy and marketing director for the family-owned Schiller Auto Group, said he believes that European carmakers are “already behind” China in transitioning to EV production. His company recently stopped selling cars made by German carmaker Opel, and switched to BYD.Unconfirmed reports suggest that during Xi’s visit to Hungary from Wednesday to Friday, he and Orbán will announce another EV manufacturing investment involving China’s Great Wall Motor.
According to the AidData research lab at William & Mary, a public university in Virginia, Chinese lenders have issued loans worth more than $22 billion to nine countries in Central and Eastern Europe between 2000 and 2021. Hungary, too, has created a favorable investment environment for China, providing generous tax breaks, subsidies and infrastructural assistance to Chinese companies, as well as helping them navigate Hungarian bureaucracy.
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