CHINA’S LATEST MOVE TO BECOME # 1 in WORLD TRADE


News›China›Policies & Politics

http://www.scmp.com/news/china/policies-politics/article/1818243/hungary-first-europe-sign-chinas-new-silk-road-plan
ECONOMY
Hungary is first in Europe to sign up for China’s New Silk Road plan
PUBLISHED : Sunday, 07 June, 2015, 11:32pm
UPDATED : Sunday, 07 June, 2015, 11:32pm

Lawrence Chung
lawrence.chung@scmp.com
Follow SCMP

SCMP

Chinese Foreign Minister Wang Yi shakes hands with Hungarian President Janos Ader in Budapest. Photo: Xinhua

We were duped and dumped, says grandmother of Siu Yau-wai as they are abandoned in Shenzhen
Town quarantined in South Korea as Hong Kong expert blasts WHO on Mers response
Chinese woman ‘dragged out of shower’ and house demolished
The boy from nowhere: an abandoned child’s saga as an illegal Hong Kong resident
Pet cemetery: chilling scenes inside China’s dog and cat slaughterhouses

We recommend
Hawaiian fisherman dies after swordfish he speared struck him in chest with its sharp bill
News
31 May 2015
Hawaiian fisherman dies after swordfish he speared struck him in…
Hong Kong police say they’ve reached parents of young girl found alone in Mong Kok
News
11 May 2015
Hong Kong police say they’ve reached parents of young girl found…
‘Stateless’ boy heads back to mainland China with ‘nowhere to go’
News
04 Jun 2015
‘Stateless’ boy heads back to mainland China with ‘nowhere to go’
China breaks up ‘181 terrorist groups’ in Xinjiang
News
25 May 2015
China breaks up ‘181 terrorist groups’ in Xinjiang
Sex and nudity rule at Cannes Film Festival – on screen and off
Lifestyle
23 May 2015
Sex and nudity rule at Cannes Film Festival – on screen and off
New ruling boosts Hong Kong’s chances of having a team in AFC Cup final
Sport
05 Jun 2015
New ruling boosts Hong Kong’s chances of having a team in AFC Cup…
Mistresses and second wives of Hong Kong businessmen in the Pearl River Delta
Comment
03 Jun 2015
Mistresses and second wives of Hong Kong businessmen in the Pearl…
Hong Kong’s strength in financial services can serve the nation’s Silk Road ambitions
Comment
25 May 2015
Hong Kong’s strength in financial services can serve the nation’s…
The Hongkongers studying for free in Britain’s state boarding schools
Lifestyle
19 May 2015
The Hongkongers studying for free in Britain’s state boarding schools
BRICS economies hit a wall as China stamps authority on group
Comment
14 May 2015
BRICS economies hit a wall as China stamps authority on group
Hongkongers must recognise city’s racism
Comment
02 Jun 2015
Hongkongers must recognise city’s racism
Alzheimer’s disease linked to high blood sugar; green tea slows its progression
Lifestyle
11 May 2015
Alzheimer’s disease linked to high blood sugar; green tea slows its…
Banks could face fines in anti-money laundering law compliance probe
Business
03 Jun 2015
Banks could face fines in anti-money laundering law compliance probe
6-seat van caught with 51 passengers on board in China
Play Video
Videos
13 May 2015
6-seat van caught with 51 passengers on board in China
10 laws that are broken in Hong Kong every day
Lifestyle
19 May 2015
10 laws that are broken in Hong Kong every day
Visual effects house Digital Domain magically turns something into nothing
Business
05 Jun 2015
Visual effects house Digital Domain magically turns something into…
Porn stars in California to wear goggles under new health and safety proposals
News
31 May 2015
Porn stars in California to wear goggles under new health and safety…
Recommended by
Promotions
Order your FREE copy of the AYS 2015
Order your FREE copy of the AYS 2015
Order your FREE copy of the AYS 2015
48 Hours invites you to watch Michael Learns To Rock 25 Live!

Chinese Foreign Minister Wang Yi shakes hands with Hungarian President Janos Ader in Budapest. Photo: Xinhua

Chinese Foreign Minister Wang Yi shakes hands with Hungarian President Janos Ader in Budapest. Photo: Xinhua

Hungary has become the first European country to sign a cooperation pact for China’s New Silk Road initiative to develop trade and transport infrastructure across Asia and beyond, in a move other European countries are expected to follow.

The move will also boost the popularity of the Beijing-led Asian Infrastructure Investment Bank (AIIB) in Europe, prompting more nations to either invest in or apply for loans from the bank in future, analysts say.

Foreign Minister Wang Yi on Saturday signed a memorandum of understanding with his Hungarian counterpart Peter Szijjarto in Budapest to cooperate in the New Silk Road network – China’s “One Belt, One Road” strategy to link Asia and Europe economically.

Wang said the agreement – the first of its kind between China and a European nation – was “a role model for others to join this process”, according to the Chinese foreign ministry.

Szijjarto said the “One Belt, One Road” initiative had played an important role in boosting the global economic recovery.

President Xi Jinping hopes for annual trade with the countries involved to surpass US$2.5 trillion in a decade.

Cui Hongjian, director of the China Institute of International Studies’ Department for European Studies, said the pact was significant as it allowed China to use Hungary’s example as leverage to encourage other European nations to sign up.

“While the initiative is highly attractive to many countries, they are concerned about what the concrete cooperation plans will be … They now have a model to follow,” Cui said.

Countries could either adopt the Hungarian format or devise their own in seeking cooperation with China, he said.

Analysts say the pact is significant also because it bolsters the AIIB’s reputation in Europe, paving the way to expand its business in the region, given that the investment bank and the New Silk Road network are closely linked.

“In the present stage, the AIIB is more inclined to deal with its Asian partners, but it has room to grow to expand its service to other continents, including Europe,” Cui said.

Projects under the New Silk Road initiative include a network of railways, highways, oil and gas pipelines, power grids, internet networks, maritime and other infrastructure links across Central, West and South Asia to as far as Greece, Russia and Oman, increasing China’s connections to Europe and Africa.

Advertisements

About Fr. Orthohippo

The blog of a retired Anglican priest (MSJ), his musings, journey, humor, wonderment, and comments on today's scene.
This entry was posted in Business, trade and tagged , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s