World economy

On Wednesday, György Matolcsy spoke at the thematic event of the Beijing Belt and Road Forum, which is part of a series of programs organized in Beijing on the occasion of the 10th anniversary of the Belt and Road Initiative (BRI) announced by Chinese President Xi Jinping. By the way, at the end of September, the central bank governor already celebrated the 10th anniversary of the BRI, which often drives China’s partners into disastrous deals, in Budapest.

This is the series of events in which Viktor Orbán participated as the only European politician. The Hungarian Prime Minister held talks with Chinese President Xi Jinping on Tuesday morning and with Russian President Vladimir Putin in the afternoon, which was his first trip abroad since the International Court of Justice in The Hague issued an international arrest warrant against him in the case of Ukrainian children brought to Russia, and this it was the first time since the beginning of the invasion that he met the leader of an EU country.

The governor of the central bank announcement of the MNB according to the “Thematic Forum on Think Tank Exchange of the 3rd Belt and Road Forum for International Cooperation” (as a mosaic word, probably TFoTTEot3BaRFfIC), he spoke at the international conference. In György Matolcsy’s presentation, he said that “Hungary’s Eastern Opening policy fits well with the Belt and Road Initiative, which is why our country was the first in Europe to join the initiative.”

He added that the development of the Belt and Road Initiative into a multilateral cooperation platform contributed to the birth of the so-called Eurasian age, as the role and weight of Eurasia has increased in recent years, and the world’s economic center of gravity is shifting due to China and other emerging Asian economies, so the competitiveness of the European Union depends greatly on from cooperation with China.

It is worth noting here that in fact the Eastern Opening, supported by enormous diplomatic bluster and sound geopolitical visions, is a balloon, as the data show that

the share of eastern economies in Hungarian trade and investment stock did not increase by a single iota, the majority of domestic investments and Hungarian trade still originates from and goes to Europe today, as it did ten years ago.

Let’s get back to Matolcsy’s speech. The president of the central bank also talked about how “dramatic changes have taken place in the world recently, and now, in the 2020s, we can witness a cycle that shows many similarities with the 40s and 70s of the last century”. The impact of external shocks is best seen in the price of energy, the increase of which spurs greater energy efficiency and innovation, and puts the competition for energy sources at the forefront of global politics. According to Matolcsy, in order to win the 21st century, we must take advantage of high value-added business activities, including knowledge- and technology-intensive BRI projects, to raise our competitiveness to a new level. According to the central bank governor’s vision

In this regard, knowledge transfer and co-creation of added value are key for us in our partnership with China and other countries of the Belt and Road Initiative.

Orbán negotiated with one of the world’s largest banks

As for Sino-Hungarian economic relations; On Wednesday, Prime Minister Viktor Orbán held a meeting with the head of the Industrial and Commercial Bank of China (ICBC), Chen Szejing, in Beijing. As Bertalan Havasi, the prime minister’s press chief, highlighted to MTI,

ICBC is the bank with the largest total assets in the world and the largest financial institution in China.

2023-10-18 17:08:41


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