China Construction Bank Supports High-Quality China-Hungary Belt and Road Cooperation
From May 8 to 10, 2024, Chinese President Xi Jinping paid a state visit to Hungary and noted, "The China-Hungary relationship is at its best in history, and has embarked on a 'golden voyage'."
China Construction Bank Supports High-Quality China-Hungary Belt and Road Cooperation

China Construction Bank Supports High-Quality China-Hungary Belt and Road Cooperation

Photo: CCB
31/05/2024 07:42

From May 8 to 10, 2024, Chinese President Xi Jinping paid a state visit to Hungary and noted, "The China-Hungary relationship is at its best in history, and has embarked on a 'golden voyage'."

This year marks the 75th anniversary of the establishment of diplomatic relations between China and Hungary, with a long-standing traditional friendship. Hungary is the first European country to sign a Belt and Road Initiative (BRI) cooperation document with China. Over the years, pragmatic cooperation between the two countries has shown strong vigour and vitality, yielding fruitful results. China Construction Bank (CCB), an active supporter of the BRI, has been committed to enhancing its comprehensive financial service capabilities and continuously contributing to high-quality BRI cooperation between China and Hungary.

1. Focusing on Strategic Direction and Facilitating Policy Coordination

Policy coordination is an important guarantee for BRI cooperation. CCB maintains good communication and collaboration with the Hungarian government, helping to promote in-depth strategic alignment of the BRI with Hungary's "Eastern Opening" policy. By actively participating in important events organized by the Hungarian government, such as the Seminar on high-quality co-construction of the “Belt and Road”(BRI 10), the Budapest Renminbi Initiative Conference, and the Budapest Eurasia Forum, CCB took the initiative to present compelling China stories, introduce CCB's vision and mission, and offer suggestions for strengthening China-Hungary economic, trade and financial cooperation. Hungarian Prime Minister Orbán visited CCB headquarters twice on the sidelines of the 2nd and 3rd Belt and Road Forum for International Cooperation in Beijing, and gave full recognition to the Bank's service capabilities and FinTech achievements. CCB also actively assisted local governments of China in connecting with government departments and related institutions of Hungary, facilitating exchanges and interactions between local governments of the two countries, and thus supporting policy coordination and pragmatic cooperation between China and Hungary with concrete actions.

2. Focusing on Key Areas and Deepening Financial Connectivity

Financial connectivity injects fresh vitality into BRI cooperation. By actively expanding diverse financing channels and developing innovative investment and financing instruments, focusing on energy, telecommunications, new energy and areas important to people’s livelihood and prioritizing market-leading enterprises from both countries, CCB provided strong financial support for Hungarian infrastructure projects in fields of telecommunications, electricity, oil and gas, and transportation, as well as for China-Hungary green economy cooperation. For two consecutive years, CCB has assisted the Hungarian government in issuing green Panda bonds raising a total of RMB3 billion (HUF 150 billion). CCB has signed cooperation agreements with the Hungarian Government Debt Management Agency (AKK), the Hungarian Development Bank(MFB), and the Budapest Stock Exchange(BET), continuously enhancing financial connectivity and the Bank’s comprehensive financial service capabilities.

3. Building Matchmaking Bridges and Promoting Unimpeded Trade

Focusing on development, which holds the master key to solving all problems, BRI cooperation provided more market opportunities, investment opportunities, and growth opportunities for participating countries. Based upon the development needs of China-Hungary trade and investment cooperation, CCB leveraged "CCB Match Plus", a cross-border smart matchmaking platform, and its global network and resource strengths to actively expand cross-border matchmaking scenarios between Chinese and Hungarian enterprises. For three consecutive years, CCB, together with the Chinese Embassy in Hungary, has co-hosted the China-Hungary Local Cooperation Mechanism Conference, promoting mutual trust, communication, and mutually beneficial cooperation between local governments of the two countries. The Bank has organized cross-border matchmaking events themed around IT security, medical equipment, agricultural products and among others, involving over 100 Chinese and Hungarian enterprises and resulting in nearly 50 cooperation intentions. Projects such as solar energy storage, charging and inspection, the introduction of Hungarian sweet pepper seeds have been launched. CCB actively participated in ”Yi-Xin-Europe” CR Express International transportation and logistics Service Matchmaking Conference. The Bank and the Ningbo Municipal Government co-hosted the 2023 China (Ningbo)-Hungary Business Seminar in Budapest, attracting over 50 Chinese and Hungarian enterprises. By providing cross-border matchmaking services for high-level "going global" and high-quality "bringing in," CCB made active contributions to helping Chinese and Hungarian enterprises to expand business in overseas markets and facilitating unimpeded trade and logistics between China and Hungary.

4. Focusing on People-to-People and Cultural Exchanges and Promoting People-to-People Connectivity

People-to-people connectivity is the social foundation for advancing BRI cooperation. In 2023, President Xi Jinping replied to a letter from students of the Hungarian-Chinese bilingual school in Hungary, and encouraged Hungarian youths to learn more about China and become envoys of the China-Hungary friendship. CCB donated to the school to support the renovation of its teaching facilities and provided funding for students to visit China, helping cultivating the next generation to carry forward and develop the China-Hungary friendship. CCB also actively engaged with local mainstream media, accepting interviews with ””, Nouvelles d’Europe, showcasing the Bank's efforts in fostering China-Hungarian friendly exchanges and continuously enhancing people-to-people connectivity between the two countries.

Going forward, CCB will join hands with Hungarian friends to write new stories of the China-Hungary friendship and open a new chapter of high-quality BRI cooperation, facilitating the development of China-Hungary all-weather comprehensive strategic partnership for the new era. (X)

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